- USD / JPY fell early in the US session.
- The US Dollar Index remains in negative territory near 90.20.
- The major Wall Street indices trade little changed on Tuesday.
The widespread selling pressure surrounding the dollar at the beginning of the US session caused the pair to USD/JPY fell to a daily low of 103.56. However, the pair had no difficulty making a rebound and was last seen posting small daily losses at 103.67.
DXY seems to close the day lower
The major Wall Street indices started in positive territory and the S&P 500 Index hit a new all-time high of 3,870 after the opening bell. The risky positive market environment triggered a USD selloff and dragged the US Dollar Index (DXY) to a session low of 90.11. At time of writing, the DXY was consolidating its daily losses near 90.20, where it was down 0.2% on the day.
Meanwhile, US data showed that the Conference Board’s Consumer Confidence Index rose slightly to 89.3 in January from 87.1 in December. However, prior to the January FOMC meeting, the market reaction to this data was largely silent.
Market participants do not expect the Fed to announce any changes in its policy, but any indication of possible changes in the amount and duration of asset purchases could increase volatility.
During Asian business hours on Wednesday, the Coincident Index and the Leading Economic Index for November will be included in the Japanese economic calendar.
Technical levels
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