The Yen retraced back some of the earlier strength seeen since the end of last week, but has remained within sight of its recent highs against the USD. USDJPY, currently at 111.92 made it too lows 111.59 earlier in today’s session, these lows were last seen in November last year.
Despite its weekly losses, at least so far, the US Dollar has managed to consolidate just below 100 levels on the US Dollar index (DXY). Yesterday the index hit 11-week lows at 99.23. The US Dollar is currently taking a breather ahead of US Nonfarm Payrolls scheduled for this afternoon. Consensus expectations point towards a creation of 168K jobs throughout the month of January and no change to the current unemployment rate of 4.7%.
The dollar dropped to its weakest levels since mid-November on Thursday after the Federal Reserve disappointed forex investors expecting a more hawkish policy stance. Overnight, the Aussie soared after data showed a record trade surplus.
US Dollar index (DXY) fails to hold 100 levels and is now at 99.70. The USD swiftly sold off after after US President Trump and his economic adviser took a hit at how the major US trading Partners namely Germany, Japan and China pursued currency devaluation at the US’s expense.