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Forex Discussions
Fundamental Analysis
AceTraderFx: Intra-Day Market Moving News and Views
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[QUOTE="AceTRaderForex, post: 102608, member: 22847"] [B]AceTraderFx May 21: Dollar hits multi-week highs against yen on hawkish Fed bets[/B] [B]Market Review[/B] - 21/05/2016 03:11GMT Summarised Currency market report by Thomson Reuters : The U.S. dollar hit its highest level against the yen in more than three weeks on Friday on expectations of a potential summer Federal Reserve interest rate hike, while the dollar edged lower against the euro after profit-taking. The dollar hit 110.58 yen, its highest level against the Japanese currency since April 28. Analysts said minutes from the Fed's April meeting released Wednesday indicating a June rate hike was firmly on the table were still supporting the dollar. Some analysts also said it was unlikely that Group of 7 countries would reject potential Japanese plans to weaken the yen at a G7 meeting of finance leaders this weekend in Sendai, Japan. Expectations for a hawkish Fed failed to buoy the dollar against the euro over the session. Analysts said traders took profits from the dollar's rally against the euro after the euro fell to a more than seven-week low against the greenback of $1.1178 on Thursday. The euro was last up 0.14 percent against the dollar at $1.1218, but remained on track for its third straight weekly decline against the dollar. The dollar was on track for its third straight weekly gain against the yen. The dollar index, which measures the greenback against a basket of six major currencies, was last up 0.04 percent at 95.332. The index was set for its third straight weekly gain, of about 0.8 percent. The dollar was last up 0.25 percent against the yen at 110.22 yen. The dollar was last mostly flat against the Swiss franc at 0.9905 franc after hitting a more than 10-week high of 0.9925 franc earlier on Friday. [/QUOTE]
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