OctaFX | OctaFX Forex Broker
Open trading account

USD/JPY to trade with neutral bias heading into FOMC within 120.25-123.75 range - MUFG

FXStreet (Delhi) – Lee Hardman, Currency Analyst at MUFG, notes that the dollar index and USD/JPY have been pulling back to the 97-level and 121-level respectively this week ahead of next week’s FOMC meeting.

Key Quotes

“A rate hike would generally support USD strengthening, but this has already been priced in. Looking forward, we do not expect aggressive further USD strengthening. Fed Chief Janet Yellen may not show bullishness for further rate hikes at this stage.”

“USD/JPY topside may be heavy, while the lower bound of USD/JPY may be supported by Japanese investors’ capital outflows, especially after the December Tankan survey (December 14) likely shows a positive capex outlook. The December BoJ meeting (December 17-18) may not produce any surprises after positive Tankan results.”

Gold slides ahead of US retail sales data

Gold prices fell to a session low of USD 1062.34/Oz levels ahead of the data in the US, which is expected to show the household spending as represented by retail sales increased in November.
Read more Previous

Constructive on USD as we head towards the Fed lift-off – Westpac

Richard Franulovich, Research Analyst at Westpac, suggests that the Fed meet is going to be a momentous day certainly but few surprises likely, OIS pricing for at 82% while the forecasting community is nearly unanimous, 92% of analysts expect a hike.
Read more Next
Start livechat