Oil prices have soared to a near three-month high, driven by robust US economic indicators and escalating sanctions on Russian supplies, while the USD/CNH pair garners attention due to China’s central bank efforts to stabilize the yuan amidst soft economic data.
The US Dollar experienced another day of defensive trading due to lower yields and non-eventful remarks from Powell, setting the stage for a diverse set of economic data releases and central bank speeches set to influence the Forex and commodity markets on Thursday, December 5.
USD/JPY shows resilience after positive US Non-Farm Payrolls data, but faces potential range-bound conditions ahead of the CPI report. The currency pair’s movement reflects ongoing shifts in Federal Reserve policy expectations.
The upcoming replacement of Japan’s top currency diplomat is fueling speculation about reduced intervention in the forex market, potentially driving USD/JPY to new highs.
