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USD/JPY consolidating above 100.00

FXstreet.com (Barcelona) - The USD has resumed its upside on Tuesday, retaking the 100.00 handle after Monday’s sharp drop to sub 99.00 levels following the lower US ISM manufacturing.

“The timing of a reduction in Fed’s QE remains the dominating driver of the currency market, which in turn adopts all the volatility that comes with US macro data. Strong US numbers and the dollar rallies, weak numbers and it gives back its gains”, suggests K.Kirkegaard, Analyst at Danske Bank.

At the moment, USD/JPY is up 0.78% at 100.30 with the next hurdle at 100.73 (high Jun.3) ahead of the psychological level at 101.00 and then 101.29 (high May 31). On the flip side, a breakdown of 99.33 (low Jun.4) would clear the way to 98.86 (low Jun.3) and finally 98.65 (low May 9).

USD/CHF falls below 0.9500 level

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