US markets are ckosed today for the Thanksgiving holiday. Ahead of the holiday, trading was quite robust as market participants were keen to sort out positions before the closing bell on US trading floors. Interestingly, the USD/JPY pair shed over 100 pips. The pair closed the Asian trade next to 111.00. The US dollar tumbled due to a falling yield curve of US Treasuries. Besides, rumors are flying in the market that the Bank of Japan might consider scaling down its monetary stimulus in the near future. Yesterday, the US Federal Reserve released the minutes of the latest policy meeting.
The minutes aroused doubts among investors about a pace of further monetary tightening. Traders found out that many officials of the rate setting committee voted to raise interest rates gradually and carefully until consumer inflation reaches and holds steadily at the target level of 2%. As a result, the US dollar index has lost almost 1%, heading for a 2-month low of 93.00. Currency analysts say that today many rival currencies of the US dollar can seize the chance to regain losses amid thin trading conditions.
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