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USD/JPY Could See Small Boost from CB Confidence Figures
The Japanese yen made surprising gains against the US dollar in yesterday's trading as investors ditched the greenback for other currencies on the view that the Fed will intervene in the currency market soon. The JPY did not see similar gains against its other rivals. The EUR/JPY and EUR/GBP both appeared to flatten a bit, as did the CHF/JPY.
With today's economic news focused on the US and Europe, the Japanese currency will likely base its short-term value today on its primary counterpart, the USD. Expectations for the US consumer confidence report from the Conference Board may show an increase in individual sentiment. Overall pressure appears to be down on the US currency, but a positive read could give the buck a modest boost against the yen.
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