At the beginning of the week, each major currency has started trading following the range exchange rate from the second half of last week. The dollar/yen pair reacted by selling the yen in response to Bank of Japan Governor Ueda’s comments on the continuation of monetary easing, but the exchange rate stopped at around 134.50. It lacks the momentum to test the 135-yen level it touched last week. The euro/dollar is trading at the 1.09 level and the pound/dollar at the 1.24 level, with no signs of a breakout either up or down.
No major US economic statistics are scheduled to be released today. In addition, remarks by US financial officials will be withheld due to the blackout period.
The German Ifo Business Confidence Index in April was 93.6, exceeding the market forecast of 93.4, so EUR buying is currently gaining momentum. However, since the numbers are not extremely strong, we assume that the trend will end in a range.
