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Dollar continues to rise against yen on pending Fed protocols

The dollar does not intend to make any sudden movements before the publication of the minutes of the Fed meeting. Although, it managed to strengthen against the yen amid a stronger risk appetite for investors, which limits the demand for the Japanese currency. In general, considering that the Japanese currency is a safe haven, it surrendered as Japanese stocks climbed to new two-month highs. Currently, the yen has gone into deep defense. This plays into the hands of the dollar in this pair. Recall that on Tuesday, the dollar rose against the yen following the statement of the head of Japan's Central bank saying that the Central Bank "is ready to increase incentives if a sharp increase in the yen will damage the economy." If you look at it, the Bank of Japan doesn't have many options even if it really decides to act. But the global trend, starting with the United States, Europe, and Australia, is moving towards a softer policy.

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As for the dollar, the attempts of market participants to predict its value in terms of the dovish Fed policy keep the currency on defense. The yield on 10-year US Treasury bonds plummeted to an 11-day low before the publication of the minutes of the Fed meeting. The dollar quotes grew steadily last week but the demand for the liquid dollar has recently faded amid optimism that a new round of talks between China and the United States will help resolve their trade dispute. It is worth noting that the yuan rose following the report of Bloomberg that the US insists on a promise from China that it will not devalue the yuan in a trade transaction.

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The material has been provided by InstaForex Company - www.instaforex.com