Forex: USD/JPY steady around 101.05

on Jul 8, 2013
Listen Monday July 8th:_ The USD/JPY recorded a high for the day so far at 101.48 in the early Asian session before then retracing to the intraday low at 100.91. Since the beginning of the European session today, the pair has been range-bound between 101.10/20, still up on the past four weeks.

Currently the quote is stable around 101.05, with the market awaiting the US consumer credit figures due out at 20:00 BST.

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On Wednesday, the Federal Reserve will release the minutes of its most recent policy meeting and its chairman Ben Bernanke is due to deliver an address to the National Bureau of Economic Research. Traders will closely monitor his comments for any hint that Friday’s strong employment data is to precipitate an accelerated end to the central bank’s bond-buying programme.

On Friday the pair rose to a more than one-month high at 101.23, with the dollar supported from the US employment data and the yen boosted by better than expected growth in preliminary readings of Japan’s Leading Economic Indicators and Coincident Index.
The Leading Economic Indicators rose to 110.5 in May from an upwardly revised 107.7 for April and the Coincident Index increased to 105.9 from April’s 105.1.


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