USD/JPY: highly bid on ECB and Wall Street
By FXStreet FXStreet (Guatemala) – USD/JPY is currently trading at on the bid towards key resistance with a high of 120.78 so far and a low of 119.60.
USD/JPY has been better bid as stocks rallied on Wall Street and overnight in the European sessions as the ECB came across very forthright and dovish with it opening-up the door for further easing as soon as December on concerns of global growth and headwinds from China in the main and EM’s. The Yen was shunned and the dollar soared. The greenback was bid in its own right with positive data releases at the same time in the US shift.
Draghi’s press conference left the door open for expanding the stimulus program beyond 2016 while he is concerned about headwinds from China and emerging markets who are compromising much of the domestic growth in the EZ while their policy is having its intended effect otherwise, but the economy may need more to boost euro-zone growth and bring inflation closer to 2 %.
The unemployment claims rose below the 265,000 expected by 3,000 to 259,000 last week and existing home sales also beat expectations to an annual rate of …read more
Source:: FX Street
