However, escalating tensions in Ukraine and uncertainty in the Middle East could support the Japanese yen as a safe-haven asset. [Currency Traders Find Safety in Yen, Franc ETFs]
Lastly, the CurrencyShares Australian Dollar Trust (NYSEArca: FXA) is still trading within a symmetrical triangle formation, so investors will have to monitor movements to see if the currency breaks out on the down or upside. Investopedia points to an upside breakout target just below $100 and a near $88 downside breakout. FXA is trading around $93.7.
Nevertheless, the Australian dollar has been holding up against other foreign currencies as a more attractive yielding alternative in light of the Bank of Japan and ECB’s dovish outlook. [More Upside for Australia ETFs]
For more information on global currencies, visit our currency ETFs category.
Max Chen contributed to this article.