USD-JPY picked up some demand while most other dollar pairings have traded narrow ranges so far today. USD-JPY recovered from yesterday’s 112.25 low to the upper 112s. There had been reports yesterday of yen demand into the end of the first half of the fiscal year in Japan, though USD-JPY still has rallied, returning focus on the two-and-a-half-month high seen on Wednesday at 113.25. While markets are now taking a more circumscribed view of Trump administrations tax plans, the Fed’s course further tightening is still promoting dollar demand on dips.
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