August 21, 2024 at 10:30AM
Even though the lack of headlines in the last two days were befitting of a summer lull, there was some decent action in markets. But today, that seems to be absent with broader markets also struggling for any conviction. US futures are flat while bond yields are also little changed on the day. That isn’t giving FX traders much to work with as such.
USD/JPY remains caught in a whirlwind of sorts, trading in a roughly 130 pips range today. The pair is up 0.5% to near 146.00 and well off its low of 144.92 from Asia trading earlier.
Besides that, other major currencies are struggling to really get going today. The dollar has been weaker so far this week but is keeping steadier for now. That said, the ranges among dollar pairs are leaving a lot to be desired.
And as a whole, the dollar remains vulnerable to a further drop as highlighted yesterday here.
The focus this week continues to be on the PMI data tomorrow and then Fed chair Powell’s appearance in Jackson Hole just before the weekend.
This article was written by Justin Low at www.forexlive.com.
