Following a statement from President Trump requesting a rate cut, the dollar/yen fell.
【1/23Market Overview
Tokyo time, USD/JPY rose on the back of gains in the Nikkei and a risk-on mood, reaching around156.75yen. In European hours, ahead of President Trump’s remarks at the Davos forum and the Bank of Japan’s monetary policy meeting (1/23-24), the pair traded with little movement around mid-150s156yen zones.DuringNew York time, initial claims for US unemployment benefits for the previous week were22.3 ten thousand (expectations22.0 ten thousand), prompting selling of the yen and buying of the dollar. When President Trump at Davos said he would “press to lower interest rates immediately, and that rates should fall worldwide,” broad USD selling led USD/JPY to155.74yen.
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