The US Dollar appreciated against most major currencies overnight. USD/JPY bounced off 101.75 support ahead of the Tokyo open and rallied to a high of 102.25. The chance of a Fed rate hike this year has increased and continues to keep the USD supported. Traders are now looking forward to the main event of this week – NFP on Friday. A strong number could make it difficult for the Fed to wait much longer with a rate hike.
EUR/USD traded 1.1170-90 overnight, while GBP/USD spent the session in a 1.3075-1.3120 range. Trading has been subdued yesterday amid an UK bank holiday and lack of data/events.
AUD/USD traded slightly lower in the early Asian session and reached a low of 0.7560, but eventually recovered and made it back to 0.7575. NZD/USD is consolidating around 0.7250 and is basically unchanged on the day.
IC Markets is revolutionizing on-line forex trading; on-line traders are now able to gain access to pricing and liquidity previously only available to investment banks and high net worth individuals.