The Dollar is of course benefitting against most rival currencies from a broad re-pricing of interest rate expectations. The resilience of pricing and economicin the world’s biggest economy has seen the prospect of lower rates pushed back, with the likely scale of cuts this year also reined in.
Next week will bring the ‘Golden Week’ holiday season in Japan. The accompanying lower market liquidity might tempt interventionists, offering more bang for their buck. The Bank of Japan will announceon Friday. On balance, it may want more inflationary evidence before it tightens rates again, but the meeting will be in play for traders nonetheless given the premium placed on official thinking in Japan now.
Indeed, there may not be too much meaningful support on the downside until the trading band seen between February 9 and April 10. The top of that comes in at 151.86, with the base at 149.16
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