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Greenback is flat against euro and yen

The evergreen buck mostly remained intact against the common currency and the Japanese yen during Tuesday’s trade in Asia.   

The greenback got to Y112.00 and after a while it froze at Y111.96 and didn’t move in New York, late on Monday.   

The key American currency was backed up by relatively high American Treasury profits, following the recent Fed’s remark manifesting openness to the upcoming interest rate hike, which is expected to take place in April.      

It feels like the market sentiment is stable enough notwithstanding rumors on a probable rate hike. Meanwhile, the benchmark Nikkei in Tokyo grew 1.4% in the afternoon.    

Obviously, the greenback’s steady support might prompt non-Japanese short-term traders, who have been opening greenback selling/yen buying trading positions, to unwind them towards the Easter holidays a bit later, this week. In the short term, this move can push the greenback against the Japanese yen   

However, the greenback is still struggling to climb up. Market participants expect Japanese exporters to sell the US dollar.     

 

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