USD broadly advances in Asian trade

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Today, the US dollar is still under pressure after release of the US macroeconomic statistics on Friday. These data brought some uncertainty to the market, in particular regarding agenda for interest rates at the Fed's meeting in December. Today the dollar/yen pair is trading a bit higher, but it is still under pressure. • The dollar/yen pair reached a daily high of 114.20 on Friday, but today it is trading at 113.82. Currency strategists foresee a rise of the US dollar against its major counterparts including the yen. According to forecasts, the dollar/yen pair will touch 114.60. • Meanwhile, the Chinese yuan is extending losses against the US dollar even despite positive macroeconomic statistics. A private survey from Caixin showed that growth in China's services sector accelerated to a 16-month high in November. The survey, along with solid factory activity readings last week, suggest building momentum for China's economy at the end of a year. • Private research group Caixin reported that the services PMI rose to 53.1 in November from 52.4 in October. The actual reading beat analyst expectations for a 52.7 gain. • Moreover, service companies added staff at the fastest pace in a year-and-a-half. However, this did not encourage the yuan to gain ground versus the US dollar. The yuan’s zero response came as no surprise to market participants. Recently, traders are sharing the same sentiment on the US dollar ahead of the US Fed’s policy meeting as they are betting on the stronger greenback. • https://www.instaforex.com

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