Daily News | The dollar is falling again

It looks like the dollar hit a one-month low against the yen this Tuesday. Its value is now 100.43 yen, which is the lowest level in the last couple of weeks. Teppei Ino, Bank of Tokyo-Mitsubishi UFJ’s expert, said that there was a “broad acceleration in dollar-selling momentum”. Let’s also mention that this momentum started on August 2, when the price was 100.68 yen. Most analysts agree that the dollar will probably keep falling against the yen over the next period of time (a couple of weeks, maybe even a couple of months), so if you trade USD now would be a good time to react. Heng Koon How, senior FX investment strategist for Credit Suisse, claims that Bank of Japan’s easing will be vital for the yen when this institution conducts its next meeting. He also added that the decisions that Bank of Japan has made so far were disappointing. Looks like the entire world once again has to wait for the next meeting of the Bank of Japan.
The greenback’s current weakening was partly caused by John Williams, the president of San Francisco Fed. In his paper he stated that central banks will be forced to raise inflation targets and focus their attention on growth. This will mean backing much less rigid financial philosophies in the future. As a result, the dollar immediately fell 1 percent against the yen. Stephen Gallo from Canada’s BMO in London highlighted that the dollar was being weighed on by the limited appetite for Fed trades. It seems like the time has come to sell some bucks!

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Author: Max Rothstein

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