How to trade the JPY?
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
AUD/USD edges down
On Monday, the Australian and New Zealand dollar went down because Friday’s positive data kept backing demand for the US currency. However, rumors over the next Fed Chair restricted the greenback’s gains.
The currency pair AUD/USD dipped 0.12% hitting 0.7668, which is not far from Friday's three-month minimum of 0.7625.
The greenback was still underpinned after on Friday the Commerce Department told that the American economy ascended t a 3% annual rate during the third quarter, which is better than estimates for surge of 2.5%.
The stronger-than-anticipated outcome actually underlined the case for the major US bank to lift interest rates before the end of 2017.
The US currency had already obtained a boost on Thursday right after House Republicans managed to pass a budget blueprint for next year. Some market participants are assured that tax reforms could stimulate surge and help the Fed to lift rates at a faster pace.
NZD/USD slumped 0.68% hitting 0.6840.
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