Japanese Yen Futures Market News and Commentary
The dollar index (DXY00) on Monday rose +0.096 (+0.10%). Dec euro-fx futures (E6Z0) closed down -0.0010 (-0.08%), and EUR/USD (^EURUSD) fell -0.0026 (-0.22%). Dec yen futures (J6Z0) closed down -0.0028 (-0.29%), and USD/JPY (^USDJPY) rose +0.28 (+0.27%).
The dollar index on Monday recovered from a 2-1/2 year low and posted modest gains. A slump in stocks on Monday sparked liquidity demand for the dollar as well as hawkish Fed comments. The dollar on Monday initially tumbled to a 2-1/2 year low as positive Covid vaccine news reduced the liquidity demand for the dollar. EUR/USD fell back from a 2-3/4 month high after weak German price pressures bolstered the outlook for the ECB to expand QE. USD/JPY rallied as optimism about Covid vaccines curbed safe-haven demand for the yen.
The dollar on Monday recovered from early losses and moved higher as U.S. stock indexes slumped on concern the global economy may suffer in the near-term from the recent surge in... Read more