The Japanese yen drifted downwards against the US dollar on Tuesday morning as the market embraced a risk-on sentiment. USDJPY Forex Signal
The USD/JPY exchange rate rose to a high of 130.58, which was significantly higher than last week’s low of 128.Investors have embraced a risk-on sentiment as the US dollar index has plunged to $102 from last year’s high of $115. Stocks have rallied, with the Dow Jones adding over 300 points on Monday. Bitcoin has risen above $23,000, the highest level in more than five months.
It will then pause hiking rates as it assesses the state of the economy. Some analysts, such as those from ING, expect that the Fed will start cutting rates in the fourth quarter of the year. There will be no important economic data from the US on Tuesday. The only notable one will be the flash manufacturing and services numbers. While important, these numbers rarely move the US dollar and other assets.
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