In overseas markets yesterday, movements of risk caution prevailed, and the pressure of a strong dollar and a strong yen spread. However, the dollar/yen exchange rate is at 133-135 yen and the euro/dollar exchange rate is at 1.10. In recent days, risk performance has improved after strong earnings from US tech giants such as Microsoft and Alphabet.
The market is focused on next week’s monetary policy announcements by the US FOMC and ECB, and it seems unlikely that a clear direction will emerge until then. For hints, tomorrow’s US first-quarter GDP figures, and Friday’s US PCE deflator and employment cost index will be released. The ECB will also release its preliminary euro zone first quarter GDP figures on Friday.
The USD continues to rise and fall, and tends to range. However, there is no change in the policy of aiming for an entry in the USD-selling direction.