Forex Today: Dollar suffers worst weekly loss since November, still vulnerable – by MSalordFX DollarIndex Inflation Currencies
Expectations for another Fed rate hike after July have softened. However, for the September meeting, there will be two more inflation reports, so there is still a long way to go. The most relevant report in the US economic calendar next week is June Retail Sales. Markets won't be hearing from Federal Reserve officials as they enter the blackout period ahead of the July 27-28 meeting. The debate is centered on what the Fed will do after July.
USD/JPY dropped for the second week in a row and found support above 137.00, on the 20 and 55-week SMA. The yen rose sharply versus the dollar but posted mixed results versus its other rivals as the positive impact from lower yields was offset by risk appetite. The divergence between the Bank of Japan and other central banks remains present, even as the tightening cycle becomes closer.
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