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USD / JPY above 115 for the first time since 2019

Forex news for trading in Asia on Tuesday 23 November 2021

There was an episode of US dollar strength pretty much across all of the major currency markets in the Asian morning, but much of it retraced. This is not the case for the USD / JPY, which rose above 115 for the first time in over 4 years and stabilized above the figure, but not by much.

Fresh news was virtually absent, Asia digested the re-appointment of Fed Chairman Powell and noted continued speculation regarding the release of oil reserves from the United States and some Asian countries. Ukrainian issues have also continued to boil with reports that US President Biden is considering sending military advisers and more weapons to the country amid the build-up of Russian troops on the border. US Treasury Secretary Yellen comments:

continued to have an impact as well.

The EUR, GBP, AUD, NZD and CAD all initially fell against the USD but, as noted, most of those moves have been traced. As the USD / JPY holds its gains, its yen crosses rose during the session.

Oil prices have been fairly stable. Iron ore trade limit in Dalian today.


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