Traders are currently showing a persistent buying interest in the Japanese Yen (JPY), causing the USD/JPY pair to drop to its lowest level in several days around the 146.35 region. In the past hour, the pair has retreated more than 150 pips from its recent peak near 147.85, which was reached back in November 2022. This decline is attributed to a combination of factors that are exerting pressure on the pair.
The Federal Reserve's decision to maintain higher interest rates for an extended period will likely prevent any significant decrease in the value of the USD. Furthermore, volatility resulting from actions taken by European Central Bank (ECB) will amplify demand for USD and generate notable momentum for the USD/JPY pair.
The Federal Reserve's decision to maintain higher interest rates for an extended period will likely prevent any significant decrease in the value of the USD. Furthermore, volatility resulting from actions taken by European Central Bank (ECB) will amplify demand for USD and generate notable momentum for the USD/JPY pair.
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At the time of the survey, the US Dollar Index (DXY) measuring greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) decreased slightly by 0.25%; to 104.85.
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