Japan Intervention Sends Dollar Plummeting Ahead of US Payrolls
Rumors of Bank of Japan intervention sent shockwaves through currency markets yesterday, causing the US dollar to plummet ahead of today's crucial non-farm payrolls release. The Japanese yen weakened significantly against major currencies, with USDJPY dropping sharply.
The euro continued its upward trend, reaching for 1.17, while EURINR is projected to reach 110-110.50 and EURJPY has fallen below 182, signaling a possible test of the 180 level. AUDUSD is seen rising towards 0.73, and GBPUSD could challenge 1.3450 before reversing.
The Indian rupee is expected to strengthen to 94 before turning around, while USDCNY is trending toward 6.71/70. The Bank of Japan's potential intervention has sparked heightened volatility in yen-crosses, prompting traders to prepare for increased fluctuations.