FOREX CALL: SELL USDJPY BELOW 133.20 TARGET 132.70 STOPLOSS 133.70
The dollar was down on Friday morning in Asia as investors bet on slower hikes from the U.S. Federal Reserve. The U.S. Dollar Index that tracks the greenback against a basket of other currencies fell 0.37% to 105.95 by 1:03 AM ET (5:03 AM GMT). “Lower yields and positive risk sentiment is (a) tried and trusted recipe for a softer USD, although that weakness has been ‘flattered’ by an outsized rally in the yen,” the National Australia Bank head of FX strategy Ray Attrill wrote in a client note. He warned, like many analysts have this week, that the market’s “conclusion that the Fed has lost some of its hawkishness (is) debatable”. The USD/JPY pair fell 0.77% to 133.24. The AUD/USD pair gained 0.29% to 0.7005, and the NZD/USD pair was up 0.36% to 0.6312. The USD/CNY pair inched down 0.06% to 6.7433, while GBP/USD pair edged up 0.18% to 1.2191. U.S. Gross Domestic Product (GDP) released on Thursday fell at a 0.9% annual rate in the second quarter, according to the Commerce Department’s advance estimate. The first quarter saw a contraction of 1.6%.
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