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Dec 06 - 06:55 PM

USD/JPY: Could Climb Back To 140 Into Next Week's FOMC - ING

By eFXdata  —  Dec 06 - 03:15 PM

ING Research maintains a bullish bias on the USD in the near-term.

"The dollar has recovered some ground, mostly against the Japanese yen (which is the most sensitive to the Fed factor) and some high-beta currencies. We think USD/JPY could climb back above 140.00 in the run-up to the Federal Open Market Committee (FOMC) meeting next week, as markets take stock of strong jobs data and weigh a more hawkish outcome than previously expected," ING notes.

"We discussed yesterday how the dollar had fallen back to a neutral position versus G10 currencies. This means that a further drop in the dollar will need to see investors make a conviction call on an extended dollar bear trend as the room for long-squeezing has now shrunk significantly. We think such a call would be premature and expect a dollar recovery into year-end," ING adds. 

Source:
ING Research/Market Commentary

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