Traders sell yen and buy US dollars
Thanks to Friday’s strong payroll numbers, the US dollar soared last week, jumping nearly 100 points on its trade weighted index. According to reports from sharecast.com, it’s the biggest rise since June, on perceptions that the Federal Reserve might have to raise rates.
The recent rise in the dollar index, also saw it close above its down trend line from the August 17th highs. It also closed above its 50 day moving average, which is the first time since April of this year, both positive technical indicators of a possible sentiment change.
Traders appeared to sell yen and buy dollars, in a way to cover their short dollar positions on speculation that interest rates will increase in the US before June of next year. Sterling will be in focus this week, with Wednesday’s Pre Budget report to look forward to.
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