USD/JPY: The dollar slumped to a 4-month low, dragged lower by the new threat of tariffs on Mexico, coupled with downbeat economic data from the United States this month and the long-drawn U.S.-China trade war, supporting bets that the U.S. Federal Reserve could cut interest rates this year. The major was trading 0.6 percent down at 108.93, having hit a low of 108.91, its lowest since Feb. 1.
Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. personal consumption expenditure – price index, Chicago Purchasing Managers’ index and Michigan consumer sentiment. Immediate resistance is located at 109.96 (May 16 High), a break above targets 110.36 (May 23 High). On the downside, support is seen at 108.72 (Feb 1 Low), a break below could take it lower at 108.49 (Jan. 31 Low).
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