 USD/JPY attempt to break through the critical 160 level was unsuccessful for, as Yen recovered during a relatively quiet European session today. Although Yen surged briefly, there was no sustained selloff below the 159 mark against the greenback. The scale of the movement makes it challenging to determine if Japan intervened in the market. This could be due to a cautious probe by the authorities, actions by institutional traders, or simply heightened market nerves. Yen will remain under close scrutiny, especially given the lack of significant economic data from the US until tomorrow's European session. Euro is currently the best performer today, with notable bounce against Sterling. However, the rebound in the common currency isn't strong enough to signal a reversal of the recent downtrend yet. According to the latest Ipsos poll released over the weekend, the far-right National Rally continues to lead the first round of the parliamentary elections with 35.5% of the vote, followed by the left-wing New Popular Front with 29.5%. Should these poll results be reflected in the elections, Euro could face another wave of selling pressure... |
