The Dollar is heading for a record month against the Yen
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by Abi Moses on 30th November, 2016
If you are an avid trader then you will be well aware in the recent movements of the US Dollar, with these times of uncertainty in US political and international trading giving way to interesting Forex trading stories. Moving the closest to the Yen its been in 7 years, now is a good time to start monitoring currency value movements. Breaking records that date back to 2009 many Analysts are suggesting more hikes are on the horizon.
With the dollar rising more than 7% during November, speculation over who would bag the job at the White House inevitably affected the world of Forex.
“The dollar’s going to appreciate and we think the biggest move is actually going to come against the yen,” Steven Saywell, global head of foreign-exchange strategy at BNP Paribas SA, said in an interview on Bloomberg Television.
“The greatest policy divergence, or difference between central-bank policies, is going to be between that of the U.S. and the Japanese” he continued.
Further movements towards the Yen
Many banks expect the dollar to move toward 115 yen at the end of the first quarter, travelling towards to 128 by the end of next year (2017).
However, will once Trump has a clearly-implemented plan of action thing may level out.
“Dollar-yen is particularly sensitive to the Trump-reflation trade -- that’s clearly what we’ve witnessed over the last three to four weeks since the election,” said Ned Rumpeltin, European head of currency strategy at Toronto-Dominion Bank in London. Still, “we’re past the point where markets are willing to embrace the policy shift with blind optimism.”
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