Forex Top Team

In the Asian markets today, dollar selling has been dominant as Tokyo observes Labor Thanksgiving Day, leading to a softer USD/JPY trading below the 149 yen level.

In the Asian markets today, dollar selling has been dominant as Tokyo observes Labor Thanksgiving Day, leading to a softer USD/JPY trading below the 149 yen level. However, it remains within the previous day’s rebound range, and the overall price movements are limited. The trend for November shows resistance levels remaining intact, with EUR/USD around 1.09 and GBP/USD around 1.25, indicating that the dollar’s upside remains heavy.

As mentioned earlier, both the Tokyo and New York markets are closed today. There are no major economic indicators scheduled for release from the United States, and with the bond market also closed, there is a lack of interest rate cues. In the upcoming London market, traders will likely watch for the results of flash PMIs in the Eurozone and the UK, monitoring how the euro and pound react.

Additionally, the central banks of Turkey and South Africa are set to announce their policy interest rates. The Turkish central bank has been following a rate-hiking path since its new policy framework. However, recent market reactions have been less sensitive to the magnitude of rate hikes. The South African central bank is currently expected to keep its policy interest rate unchanged. While the market may anticipate a relatively calm outcome, traders dealing in carry trades with these currencies against the yen should remain prepared for sudden developments.

Continuing with the perspective of selling the USD may be prudent.