 Japanese Yen rebounds broadly today, likely driven by traders taking profits on short positions after a significant week of sell-off following BoJ's rate hike. This stabilization comes amidst speculations stirred by Japan's latest inflation data, raising the prospect of a second hike by BoJ in the second half of the year. Nevertheless, such predictions seem premature at this juncture. Additionally, the decline in benchmark yields from Germany and the UK has provided some support to Yen. Meanwhile, Dollar is trading as the second strongest currency for the day, albeit with signs of losing momentum as the week draws to a close. This slight pullback could be attributed to profit-taking activities as well. In contrast, Australian Dollar and New Zealand Dollar are facing downward pressure, trading up as the day's underperformers. Both currencies face additional pressure due to the sharp decline in Chinese Yuan, which hit a four-month low. European majors present a mixed picture, with Sterling notably underperforming compared to its counterparts... |
