
Russian-Ukrainian conflict is influencing every economic aspect…
In times of turbulence, the best thing that you can do – stay oriented. Hence, let’s have a look at currency pairs and see “who does what” so you can have a tactical perspective. Specifically, we will identify the lowest spots and the high ground of the current disposition in Forex - both are best seen through the prism of the JPY.
Unlike a while ago, the JPY, even despite internal economic challenges in Japan and external damage from the coronavirus, now enjoys the status of the primary safe-haven currency. Both the USD and the EUR lost value significantly against the Japanese yen, which now trades at 102.25 against the US dollar and at 116.90 against the euro. Both currency pairs are at tactical lows, with the USD/JPY testing the supports of 2016. Given the fact that the virus is now more active in other countries rather than China itself, there is a solid reason to expect JPY to grow further against the other currencies.
Among other currencies, the AUD and NZD suffer the worst damage. Especially, against the JPY. The AUD/JPY dropped to the lows of 20008, while the NZDJPY is testing the support of late 2012. That is due to the fact that both Australia and New Zealand have a large part of their exports tied to China, which in turn takes a big chunk of their GDP. Hence, the subdued consumption in China takes a direct shot at these economies reducing the value of their respective currencies. And JPY, as it is currently superior to the USD as a reserve currency, gives the strongest contrast to the depreciation of the AUD and NZD. Hence, both currency pairs are expected to stay at rock-bottom levels and probably go further below.
Russian-Ukrainian conflict is influencing every economic aspect…
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?
The US Markit will publish Flash Manufacturing and Flash Services PMIs (purchasing managers' indices) on June 23 at 16:45 GMT+3.
The Fed Chair Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee on June 22-23 at 17:00 GMT+3.
Canada will publish Retail Sales and Core Retail Sales on June 21 at 15:30 GMT+3.
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