U.S. Dollar/Japanese Yen Futures Market News and Commentary
The dollar index (DXY00) on Thursday rose +0.162 (+0.17%). Mar euro-fx futures (E6H0) closed down -0.0041 (-0.36%), and EUR/USD (^EURUSD) fell -0.0038 (-0.34%). Mar yen futures (J6H0) closed up +0.0028 (+0.31%), and USD/JPY (^USDJPY) fell -0.035 (-0.32%).
The dollar index rallied to a 1-month high Thursday on weakness in EUR/USD after ECB President Lagarde did not signal any change in ECB policy. The yen saw support on increased safe-haven demand on a slide in global stocks.
EUR/USD initially pushed higher Thursday morning after ECB President Lagarde said that risks to economic growth are less pronounced and that there is some sign of a moderate increase in underlying inflation. However, EUR/USD gave up it gains and tumbled to a 1-1/2 month low after ECB President Lagarde failed to signal when the ECB will adjust its monetary policy, indicating that the ECB's massively stimulative monetary policy will continue indefinitely. At Thursday's policy meeting, the ECB left al... Read more