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| USD/JPY Continues to Make Gains Posted: 07 Feb 2012 07:55 AM PST
The US dollar extended its recent bullish run on the Japanese yen today, with the pair reaching as high as 76.85 before staging a slight reversal. In addition to a positive US jobs report from last week, the pair's ascent was attributed to reports that the Bank of Japan (BOJ) secretly intervened in the marketplace late last year. While the greenback is still fairly close to the lows it hit against the yen last week, it appears that fears of another BOJ intervention have subsided for now. Turning to tomorrow, USD traders will want to continue monitoring the euro-zone to gauge the level of risk taking in the marketplace. While positive news regarding the Greek debt swap talks is likely to boost the EUR/USD, analysts are warning that additional worries in the euro-zone could limit how high the pair moves. The same can be said for the AUD/USD. While the dollar hit a six-month low against the Aussie during today’s trading, any negative euro-zone news could cause the current trend to reverse. |
| Dollar Remains Bullish to Start off Week Posted: 06 Feb 2012 11:06 AM PST
The US dollar was able to extend the boost it received late last week during trading today, as negative euro-zone news fueled risk aversion and sent investors to the safe-haven greenback. Greece's inability to reach a debt-swap agreement with its creditors sent the EUR/USD as low as 1.3026 before the pair staged a slight upward correction. Last week's positive US jobs report helped the dollar maintain its gains against the JPY throughout the trading day yesterday. The USD/JPY reached as high as 76.79 before a minor downward reversal. Turning to tomorrow, USD traders will want to pay careful attention to a speech from Fed Chairman Bernanke, scheduled for 15:00 GMT. Any positive statements regarding the US economic recovery are likely to give the dollar additional momentum going into the rest of the week. Specifically, should Bernanke indicate that the US may raise interest rates earlier than planned, the dollar will likely see significant gains as a result. Following Bernanke's testimony tomorrow, the dollar's next big test will likely be the weekly US Unemployment Claims on Thursday. While last week's jobs report was promising, analysts are warning that the fluctuations in the employment number are likely to occur. Should Thursday's figure come in worse than forecasted, the dollar may give back some of its earlier gains to close out the week. |
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