The US dollar and euro tumbled against the Japanese Yen after increasing the possibility that the BoJ is about to exit its ultra-loose policy. The JPY reached its strongest levels in nearly four months against the US dollar. Bank of Japan Governor Kazuo Ueda said the central bank has several options on which interest rate to target once it ends its negative interest rate policy.
After a rip-roaring rally to a 20-month high of approximately $44,500, the price of Bitcoin slightly retreats from the highs as investors await the NFP report, which is expected to reflect a resilient US economy amidst higher rates. Bitcoin’s price is up roughly 15% over the past week with an impressive 5% increase within the past 24 hours.
A busy day is upon the markets; The OPEC+ meeting outcome will be today’s biggest highlight along with the PCE inflation report. The Organization of Petroleum Exporting Countries and allies including Russia will convene the delayed OPEC+ decision later today.
U.S. dollar tumbles to a fresh 3-month low of 102.50 Wednesday early morning session. The dollar index, which measures the dollar against a basket of major currencies extended the slide on Tuesday following the dovish comments from Fed's Waller.
The British pound is performing extremely well in its pair against the greenback at the moment. As of this writing, GBPUSD holds a near 3-month high of 1.2640, reaching its highest level since late August. The upside momentum is supported by the broad dollar weakness and hawkish comments from Bank of England (BOE)policymakers.