- USD / JPY is holding on to small daily gains backed by risk flows.
- The US Dollar Index remains quiet around 91.80 on Tuesday.
- The major Wall Street indices appear to be opening sharply higher.
The pair USD/JPY It closed the first day of the week in positive territory and rose slightly on Tuesday as the JPY continues to struggle to attract investors as a safe haven. At time of writing, the pair was up 0.12% on the day at 104.40.
Investors Await US PMI Data, Powell Testimony
Earlier in the day, data from Japan showed that the Unemployment Rate in October rose to 3.1% and Jibun Bank’s Manufacturing PMI modestly improved to 49 to beat the market expectation of 48.3. However, these data did not provoke a market reaction.
Meanwhile, global stock indices posted impressive gains on Tuesday, confirming that risk flows continue to control financial markets. So far, major European stock indices are up 0.85-1.8%, and S&P 500 futures are up nearly 1%.
On the other hand, the dollar is also struggling to find demand on Tuesday and keeping the USD / JPY rise limited. The US dollar index, which posted small gains on Monday, is down 0.12% on the day to 91.77.
Later in the day, the November Manufacturing PMI reports from IHS Markit and ISM will be placed on the US economic agenda. Additionally, FOMC Chairman Jerome Powell will testify before the US Congress at 15:00 GMT.
Technical levels
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