The only news of note has been the rate cut from the US Federal Open Market Committee (FOMC) on Wednesday:
- Just waking up? Here's the short summary of Wednesday's FOMC rate cut
- Forexlive Americas FX news wrap 18 Sep: Fed starts rate cuts with a 50 bp cut
Lower US rates mean a lower USD, right? Nope. US rates have been cut, sure, but they still remain way above Japanese rates, which appears to be the driver so far.
Apart from that reasoning, the wild swings in yen are going to continue to see it move in both directions, don't get married to a view.
