Forex Today: The Reserve Bank of Australia Passes on Rate Hike
the major US July 4The Japanese Yen remains the weakest major currency over the long term. Friday saw Trend traders will remain interested in being short of the Japanese Yen, which has also a reached multi-year low Friday against the Euro. The Governor of the Bank of Japan has defended his ultra-loose monetary policy by pointing out that underlying inflation remains below the Bank’s 2% inflation target, although the headline rate is now above 3%.
In the Forex market, the Japanese Yen and the British Pound have been the strongest major currencies over the Asian session, while the Australian Dollar has been the weakest. The US Dollar is continuing to rise today after rallying Friday, with the Dollar Index beginning to suggest it may soon establish a new long-term bullish trend technically, but its chart pattern is still strongly suggestive of consolidation., attracting trend traders on the long side. The move is driven by strong demand and poor harvests in parts of Africa.
closed yesterday above what seems to be a very pivotal round number at $31k, suggesting an important bullish breakout might be underway.
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