Forex trends: soaring vs European majors, yen hits 2-week low vs dollar

Forex trends: soaring vs European majors, yen hits 2-week low vs dollar

Thursday, during Asian session the Japanese unit revealed mixed trading versus its key counterparts. Yen, thus, hit a 2-day high against the euro and crept higher against the pound and the franc. On the other hand the Japanese currency plummeted to a almost 2-week low against the dollar due to across the board rallying of the latter.


Against the currency of Europe, the yen climbed to a 2-day high of 129.60 by about 11:45 pm ET Wednesday. The next resistance level for the yen is seen at 128.8. EUR/JPY rally closed Wednesday's New York deals at 130.8.

During Asian deals on Wednesday, the yen strengthened to 146.29 against the British pound, by about 8:50 pm ET. Since then, the pair has been showing choppy trading and is presently quoted at 146.60. GBP/JPY pair closed Wednesday's deals at 146.67.

The Japanese yen advanced against its Swiss counterpart during Asian trading on Thursday. At about 10:15 pm ET, the yen reached 86.02 versus the franc, compared to 86.48 hit late Wednesday in New York. The next upside target for the yen is seen around the 85.43 level.

The Japanese yen tumbled to a 13-day low of 90.28 against the dollar around 11:45 pm ET, compared to 89.79 hit late New York Wednesday. The next downside target level for the yen is seen around the 90.4 level.

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Forex Commentary: Fed’s Statement Fails To Fuel US Dollar Rally

The U.S. Dollar erased earlier losses after the Federal Reserve released its monetary policy statement. The Dollar turned higher after trading most of the day lower after the Federal Open Market Committee offered more detailed plans to remove excess liquidity from the financial system.

The Fed also offered commentary on the economy, saying that deterioration in the labor market is “abating.” This statement is a reaction to the decline in the unemployment rate earlier in the month from 10.2% to 10.0%. The Fed did reiterate, however, that it will keep its benchmark interest rate at a historically low level for “an extended period.”

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Dollar Gets Boost From Upbeat Fed View On Economy

NEW YORK (Dow Jones)--The dollar was modestly higher against the euro and yen Wednesday on the back of the Federal Reserve's upbeat view on the U.S. economy.

The Federal Open Market Committee's acknowledgment that the economy is picking up steam partly overshadowed its commitment to keep interest rates near zero "for an extended period" in its post-meeting statement.

As the FOMC decision and statement were largely in line with market expectations, the dollar's rebound was limited and it failed to climb above Y90 or push the euro below $1.45.

"The Fed was a little more upbeat on the economy than ...

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