Source: ForexYard
The US dollar extended its recent bullish run on the Japanese yen today, with the pair reaching as high as 76.85 before staging a slight reversal. In addition to a positive US jobs report from last week, the pair’s ascent was attributed to reports that the Bank of Japan (BOJ) secretly intervened in the marketplace late last year. While the greenback is still fairly close to the lows it hit against the yen last week, it appears that fears of another BOJ intervention have subsided for now.
Turning to tomorrow, USD traders will want to continue monitoring the euro-zone to gauge the level of risk taking in the marketplace. While positive news regarding the Greek debt swap talks is likely to boost the EUR/USD, analysts are warning that additional worries in the euro-zone could limit how high the pair moves. The same can be said for the AUD/USD. While the dollar hit a six-month low against the Aussie during today’s trading, any negative euro-zone news could cause the current trend to reverse.
Forex Market Analysis provided by ForexYard.
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