Black Friday followed Thanksgiving Day in the US. The US dollar went on its decline against most rivals on Friday. The US dollar index is still trading under pressure in the wake of comments from Janet Yellen, who voiced concern over stubbornly low inflation in the country. Currently, the index is consolidating near 93.20. Another reason behind the soft US dollar is that traders are confused by the too cautious view of the Fed officials on low US inflation, expressed in the minutes of the latest policy meeting. This raised questions about the Fed’s agenda for rate hikes next year. Nevertheless, investors are betting on the rate increase in December.
Despite weakness of the US currency. Asian traders close short deals on the USD/JPY pair at the end of the trading week, locking in profits before the weekend. The USD/JPY pair rebounded from an intraday low of 111.20 and corrected upward at 111.40. Some analysts expect the pair to trade sideways in the following sessions. The situation on forex is unlikely to change in thin trading on Friday as the US is having a long weekend, extending a national holiday. So, traders prefer the wait and see sentiment until the closing bell.
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