USD/CHF and EUR/CHF rose to tactical highs. What's next?
Common currency rallies steeply on EU agreement on immigration
On Friday, the common currency managed to gain steeply after the EU leaders came to an agreement on a number of immigration issues.
The leaders of the EU nations came to an agreement on the migration downtime after the summit in Brussels. That’s what Donald Tusk, the chairman of the European Council posted on Twitter.
As it’s specified, Xavier Bettel, the Prime Minister of Luxembourg also posted on Twitter that the EU chiefs came to a compromise on crucial immigration issues.
Previously, Italy had blocked the final document of that summit blocked because this country insisted on greater coordination of migration issues. Giuseppe Conte, the Prime Minister of Italy told that the responsibility for every refugee needs to be taken by the entire community, and not by the European country to which the migrant initially came. Moreover, it was offered to roll out special quotas for the reception of migrants for the EU members. Those EU members who refuse from such quotas are going to face diminished targeted funding from the common budget. By the way, Italy’s initiative has been already backed by France and Spain.
The Japanese yen showed a minor reaction to upbeat data from the labor market as well as inflation figures in the Tokyo region.
As the Bureau of Statistics of Japan states, in June, the consumer price index in Tokyo, rallied by 0.6% year on year having soared by 0.4% in May. Market experts had hoped for a 0.5% soar. Excluding fresh food prices, the Tokyo consumer price index managed to ascend by 0.7% having leapt by 0.5% earlier. However, market experts had predicted a 0.6% jump. Simultaneously, the consumer price index without energy and good prices rallied by 0.4%. That’s higher than the previous reading of 0.2% as well as the prediction of market experts of 0.3%.
Eurozone, France, and Germany will publish the flash services and manufacturing PMIs on February 19, from 10:15 to 11:00 MT time
Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
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