The US Dollar strengthened against the Japanese Yen on a strong enhancement in the US consumer confidance. The USD/JPY exchange rate increased 8 pips or 0.07% to reveal high volatility on a trading session, targeting the 111.65 area.
The Conference Board revealed that the Consumer Confidence Index for the US rose to the 129.5 mark in November, reaching the highest level in 17 years. The strong increase mostly reflected households’ optimistic perceptions of the job market. Economists noted that bullish consumers in conjunction with tight job market were reasonable grounds for the Fed to make the interest rate hike in December, despite worries over persistently low consumer inflation growth.
