$USDJPY - Exposure to Profit-taking Sales
The US dollar traded lower against most of the other major currencies in the middle of this week's trading, only gaining momentum against the euro and the Swiss franc. With US markets closed for Independence Day on Tuesday and therefore no economic data on the agenda, traders may have held their short positions after a disappointing ISM Manufacturing PMI for June.
In general, investors may prefer to wait for ADP and ISM Non-Manufacturing PMI readings, ahead of Friday's US Non-Farm Payrolls numbers. After larger-than-expected declines in both price and sub-employment of the ISM Manufacturing PMI, investors may be looking for confirmation of whether price pressures will continue to ease at a rapid pace and whether the labor market is indeed declining.
The yen was also among the gainers against the US dollar, perhaps as some traders shorted long USD/JPY positions near the psychological 145.00 area amid fears of possible Japanese intervention.
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