Source: ForexYard
The USD/JPY shot up to its highest level in more than 1 ½ years during the overnight session, following Japanese elections yesterday and expectations that the Bank of Japan will soon initiate a new round of monetary easing. The pair, which is currently trading just below the 84.00 level, gained some 75 pips when markets opened for the week.
The EUR/USD saw a minor downward correction during Asian trading, but remained close to its highest level since May, which it hit on Friday following a worse than expected US Core CPI figure. The pair, currently trading at 1.3162, fell around 30 pips last night.
After advancing close to $0.70 a barrel when markets opened for the week, crude oil spent the rest of the night range trading, and currently stands at $87.35.
Main News for Today
ECB President Draghi Speaks- 14:30 GMT
• If the ECB President’s speech signals positive EU economic growth, the euro could extend its recent bullish trend during afternoon trading
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