Market participants should, from the 11 December USDJPY Fundamental Analysis, keep a close eye on the US dollar in the days leading up to the vote. The US dollar is coming off its best week of the year, according to Bloomberg.
11 December, OctaFX – On the topic of the Fed, interest rates are widely expected to rise by 25 basis points on Wednesday to 1.50%. Market participants should, therefore, keep a close eye on the US dollar in the days leading up to the vote. The US dollar is coming off its best week of the year, according to Bloomberg.
The dollar index edged lower at the start of the week and was last seen trading at 93.82.
On Friday, the US Department of Labor said the economy added 228,000 nonfarm jobs in November, following a downwardly revised gain of 244,000 the previous month. That was well ahead of forecasts, which called for a November increase of 200,000. The unemployment rate held steady at 4.1%. Average hourly earnings climbed 0.2% month-on-month.
11 December USDJPY Fundamental Analysis
The dollar-yen exchange rate rose on Monday, as the pair climbed above 113.50 in a new show of strength. The USD/JPY is eyeing a re-test of the 114.40 region, which provides an important gateway to further upside. To get there, the pair will need to cross the 113.65 and 114.00 resistance levels. On the downside, immediate support is located at 113.10.
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