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- Breaking: USD/JPY makes fresh bullish cycle highs at 114.70
Breaking: USD/JPY makes fresh bullish cycle highs at 114.70
USD/JPY has just printed a fresh cycle high of 114.70 as the US dollar takes up more ground on the bid to 95.925 vs a basket of rival currencies as measured by the DXY index.
USD/JPY H1 chart
As illustrated, the move started in Tokyo and just kept on going throughout London and New York right into the final hours of Wall Street.
The US dollar has been better bid ever since US inflation data last week surprised to the upside and showed consumer prices surged to their highest rate since 1990. Investors now expected that the Federal Reserve will taper their QE programme at a faster pace. More hawkishly, some observers even expect that the Fed could potentially hike interest rates sooner than first anticipated in the markets.
DXY H1 chart
On Tuesday, US data showed US consumers looked past rising prices and drove Retail Sales higher than expected last month. US Retail Sales rose 1.7% in October, topping consensus expectations of a 1.4% rise. Additionally, US Industrial Production lifted 1.6% in October which was considerably higher than expected. Also, the Federal Reserve Bank of St. Louis President James Bullard said that the US central bank should speed up its reduction of monetary stimulus in response to a surge in US inflation.
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