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The third analyzed currency pair, the Dollar/Yen cross, has been the only one, which has shown an increase in value during the June 29-July 3 trading week. However, it did not follow the expectations from Dukascopy Community members, as 85% of them assumed the pair do decrease. From fundamental point of view, the pair was driven by American statistics, which turned to be mostly better-than-forecasted, as well as Greece's uncertain status, which continued to weigh on global financial markets this week since the country edged closer to debt default and a possible Euro zone exit. As a result, the pair appreciated up to the 122.00 mark at the end of Thursday's trading session.
The current week is almost equally divided between US and Japanese fundamentals. Among all data, foreign bond investment in Japan are forecasted to decline. Moreover, the same for all USD-crosses, the present currency pair will be influenced by the Federal Reserve minutes of its June meeting on Wednesday and weekly report on initial jobless claims on Thursday. Also, Fed Chair Janet Yellen is to speak at an event in Cleveland and her comments will be closely watched.
Based on all fundamental predictions, Dukascopy weekly quiz participants became much more bullish on the US Dollar, as now 72.5% of all votes are placed on the long side. On the other hand, the average forecast for this Friday stays at 123.00. aslamhammad considers that "The US Dollar will close higher against the Yen, as Oil prices are falling." This view, in turn, is not shared by nuonrg, who believes that "The pair is at June 2007 highs, showing monthly bearish reversal candle. A sell of retracement would be good but not guaranteed."
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