XE Market Analysis: Europe – May 17, 2018

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The dollar and yen traded moderately lower during the Tokyo session, ahead of the London interbank open. USD-JPY has oscillated in the lower 110.0s, holding in a consolidation below the 13-week high that was posted yesterday at 110.45. The intraday low so far is 110.07. Sterling rallied on reports that the UK government will agree to staying in the EU’s customs union, which is a last resort “backstop” plan to avoid the imposition of a hard Irish border, while above-forecast Australian employment data gave the Australian dollar a lift.