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5 Dec 2014
USD/JPY attacking 120.00 again
FXStreet (Bali) - The US Dollar is going through a round of broad-based buying in Asia, recouping further from some of Thursday's ECB-induced losses.
AUD/USD is not expressing USD strength by weakening too much though, current holding at 0.8380. NZD/USD is also only mildly lower at 0.7770. The Japanese Yen, Euro and Pound, however, have seen larger moves (for Asian standards), with USD/JPY pressing against 120.00 again - last at 119.93 - , EUR/USD coming off 1.2390 to test 1.2370 bids, while GBP/USD was pressured towards 1.5640.
The focus has now been shifted to the US NFP and its implications for Fed's monetary policy going forward. With the Fed not too concerned about the decline in Oil prices hurting America's inflation outlook, the market will continue to monitor US data very closely as to obtain clues on the most likely timing of the first US rate hike. The general consensus is that the Fed is set to commence its tightening campaign sometime in mid 2015.
AUD/USD is not expressing USD strength by weakening too much though, current holding at 0.8380. NZD/USD is also only mildly lower at 0.7770. The Japanese Yen, Euro and Pound, however, have seen larger moves (for Asian standards), with USD/JPY pressing against 120.00 again - last at 119.93 - , EUR/USD coming off 1.2390 to test 1.2370 bids, while GBP/USD was pressured towards 1.5640.
The focus has now been shifted to the US NFP and its implications for Fed's monetary policy going forward. With the Fed not too concerned about the decline in Oil prices hurting America's inflation outlook, the market will continue to monitor US data very closely as to obtain clues on the most likely timing of the first US rate hike. The general consensus is that the Fed is set to commence its tightening campaign sometime in mid 2015.