Dollar Eases by 1.5% Against Yen as June Starts with Forex Reshuffling —
Key points:
Dollar eases grip on stronger yen. Pair falls 1.5% in two-day span. Broad USD bearishness ensues.
Illustration by TradingView
Broad dollar bearishness swept forex markets as June was off to a rushed start.
The USDJPY pair dropped sharply on Monday and extended its decline Tuesday after June started off with a rushed reshuffling. Forex markets turned their back on the US dollar, which sent the greenback spiraling across the board. Especially against a strengthening Japanese yen. The dollar-yen pair has slipped from a Monday opening of ¥157.50 to a Tuesday session low of ¥155.20, or a 1.5% drop. A reshuffling of the forex scene saw major currencies fluctuate sharply against each other. The greenback tumbled against the euro with the EUR/USD pair logging its third day of gains on Monday. The euro topped $1.09 early Tuesday but clawed back some of the advance and slipped under the threshold. The GBP/USD exchange rate almost hit a 3-month high above $1.28. Looking ahead, forex traders are now bracing for the release of key economic data out of the US. The nonfarm payrolls, commonly called jobs data, is slated to roll out on Friday. The figure will show how many Americans were tapped to join the workforce in May. And analysts have set their expectation at 180,000 to 185,000 new hires, a tad higher than April’s 175,000 new jobs created.
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