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The yen at the top of European trade


Other major currencies remain more mixed

The fall in long-term yields yesterday is part of the considerations for the yen pairs right now, as the flattening of the yield curve also suggests more pressing issues perhaps surrounding the economic outlook. Invest in yourself. See our forex education center.

While yields are holding up better so far today, the slight rebound is pale from the steep drop overnight and the yen pairs are still failing to take off.

USD / JPY is down 0.2% to 113.55 as sellers maintain a more bearish short-term bias below its 100-hour moving average (now seen at 113.83):

But there is minor support around 113.41 holding up before further bearish momentum is seen for at least now.

Elsewhere, EUR / USD continues to look stickier around 1.1600 ahead of the ECB later today while USD / CAD is slightly higher after falling yesterday following a more hawkish tilt by the BOC by ending to its quantitative easing program instead of a phase-out.

The latter pair is now at 1.2370, down from nearly 1.2300 during yesterday’s decline.

Meanwhile, the AUD / USD is down to 0.7508 as price continues to hold above key near-term levels at 0.7481-98 but below its 200-day moving average at 0.7557.


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