2m 7s: Lenght

USD losing ground against rivals The US currency has not been able to hold at highs for long. Today, the US dollar index weakened against its major peers. Meanwhile, traders are in no hurry to sell off the US dollar in the hope that the US Federal Reserve will raise interest rates in the near future. Today, the US dollar index is trading next to the mark of 94.03 having hit an intraday high at 94.30. The US currency is being under pressure amid dovish stance of the US Fed officials and downbeat employment statistics in the United States. In light of tepid data on the US employment change, there is a slim chance of the rates hike in the near future. Some experts believe that the market is too pessimistic about the US economic outlook. Goldman Sachs expects the US dollar index to advance 15% in the next two years. Market participants find this forecast unrealistic so far. Standoff between the West and Japan is has come to a boil. The US dollar strengthened against the Japanese yen after Japan’s Finance Minister Taro Aso stated that Tokyo is ready to intervene in the currency market if yen moves are volatile enough to hurt the country's trade and economy. Today, the US currency halted its climb against the Japanese yen. The greenback fell almost 0.63% to 108.65 and consolidated a bit later. The dollar/yen pair is currently trading at the level of 108.71. Most investors think that Japan is unlikely to adopt any measures to weaken the national currency until the end of G7 summit scheduled for late May. Will the Bank of Japan intervene in the forex market? Will the Japanese yen submit to the strong US counterpart? You will find out on InstaForex TV channel! https://www.instaforex.com