Forex Fundamental & Technical Discussion

Dollar hits 11-month high vs. yen as upbeat U.S. data, hawkish Fed boost yields

The dollar stretched an overnight rally to touch 114.55 yen , its highest since early November 2017. It last stood at 114.345. A rise above 114.735 yen would take the U.S. currency to its highest level since mid-March 2017.

"Currency bears dependent on a dollar-selling strategy have been repeatedly forced to buy back the dollar at ever higher levels over the past months."

The euro was 0.05 percent lower at $1.1469 (EUR=) after slipping about 0.6 percent on Wednesday.

Before caving in to the dollar's broad surge, the single currency had climbed to $1.1594 earlier on Wednesday on reports that Italy plans to reduce its budget deficit over the next three years.

The pound was steady at $1.2933 following a dip overnight to a 3-1/2-week low of $1.2925.

The Australian dollar extended overnight losses, slipping to a three-week trough of $0.7091.

 

Wrong thread mate...

 

Dollar boosted as U.S. Treasury yields hit 7-year high

The dollar stood tall on Friday against its major peers, including the yen and euro, as investors evaluated the impact of a two-day global government bond rout that has lifted U.S. Treasury yields to seven-year highs.

The dollar rose 0.1 percent to 114.04 yen after coming off an 11-month high of 114.55 yen reached during the previous session. A rise above 114.735 would take the greenback to its highest level since mid-March 2017.

 

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Looking to the near future, experts also give preference to the European currency. Thus, 65% of them expect that the pair will break the resistance of 1.1900 in the coming weeks and reach the zone of 1.2000-1.2100. Accordingly, 35% of analysts expect a decline to the level of 1.1700-1.1750. The likelihood of a fall to the November 4 low of 1.1600 is estimated so far at only 10%.

 

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