Dollar Gets Smacked On Weak Economic Data
Mike Paulenoff | Feb 04, 2016 12:10AM ET
The two-day plunge in USD/YEN (Blue Chart) from above 120.00 to 117.50 has "repositioned" the CurrencyShares Euro ETF (N:FXE) pair beneath the level it was trading at, 118.00, last Friday morning, January 29, when the BOJ surprised the markets by voting 5-4 in favor of moving to negative interest rates on new deposits in a renewed effort to stimulate some inflation after 20 years of QE that has had less than stellar results.
That aside, current USD/YEN weakness once again has positioned it just above critical support at 116.40 - 116.00, which if violated and sustained, should trigger a press towards 110.00 - 107.00.
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