USDJPY pair awaits the next BoJ signal
The greenback gained positive traction against the Yen as price action continued its higher move. The USDJPY pair has jumped over 400 pips so far and looks poised to climb further. The uncertainty over future rate hikes seems to weigh heavy on the Yen as the Fed signals for at least another cut before the end of the year. The likelihood of a dovish rate cut has supported the greenback, and the Yen could sink further. 148.00 is the latest top, with 145.50 as a firm support.
GBPUSD retreats with PMI miss
The pound hits a weekly low as the UK’s economy shows cracks with a firm PMI miss. Along with the signal of a possible stagnant GDP miss this week, cable looks to spiral deeper. With renewed buying interest, rising geo-political tensions could halt a steady comeback for the dollar, which has seen continuous strength across the board. As the NFP failed to lift sentiment, it will be the turn of the Fed speakers this week to lift spirits. Sterling could fall below 1.2950 with 1.3200 as the resistance ahead.
NAS 100 attempting another record
The Nasdaq held ground after a brief sell-off saw the index move away from its previous record. Global equities avoided a sharp sell-off as we enter the final earnings season of the year. The tech-heavy index looks to gain some traction on the next FOMC minutes, as the Fed has been the driving force of the price action in the past few weeks. A break above 20250 would send the index to another record, with 19500 the closest support.
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