There is a strong wait-and-see mode ahead of key economic events in the US, including tomorrow's GDP release and next week's FOMC meeting. This weighed on the euro despite a supportive strong German IFO survey.
More Quotes from Yasuhisa Ishida:
Investors normally start making fund allocation from around the Easter Holiday.Yasuhisa Ishida
The US reports turned out disappointing. This provided the backdrop for the yen being bought more than expected.
Yasuhisa Ishida
As long as concerns over possible interest rate rises are out there, the dollar is likely to be pressured by the unwinding of yen-carry trade positions.
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The market has largely factored in another US rate hike this month. The focus is to find out in the accompanying statement whether the Fed will raise interest rates further.
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Foreign players have begun to accumulate short positions on the yen again in the belief that interest rates in Japan will not start rising in the foreseeable future.
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