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:
Aussie goes down after initial profit on China Caixin PMI
On Monday, the Australian dollar gave up its initial revenues in Asia, reacting to a better-than-expected Caixin PMI report from China.
As for the US dollar index, which normally tracks the American currency’s strength against six crucial currencies, it could only gain 0.09%, trading at 95.48.
The currency pair AUD/USD slid 0.17%, hitting 0.7676, USD/JPY showed 112.41, staying intact.
Meanwhile, in China Caixin's manufacturing PMI for June surpassed expectations, hinting the world's number two economy keeps defying hopes for a slowdown.
The private poll offered 50.4, thus marking a three-month peak. It definitely grew from May's outcome of 49.6 that was an 11-month minimum, and outperformed a Reuters survey forecast for 49.5.
The previous week the US currency steadied on Friday. Nevertheless, it concluded the trading week close to nine-month minimums amid hopes that several key financial institutions around the world are getting ready to join the Fed in tightening their monetary policies.
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