
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
On Tuesday, the American dollar rallied to a 10-week peak versus a currency basket because escalating trade clashes drove fears of a deceleration in global economic surge, powering safe haven demand.
Tracking the evergreen buck’s purchasing potential against a number of its main opponents the USD index gained 0.13% being worth 96.47.
Demand for the US currency was still backed after Bloomberg told that the current US presidential administration is ready to slap duties on all China’s products by early December if negotiations next month don’t manage to soothe the trade clash between America and China.
Chinese President Xi Jinping and American leader Donald Trump are expected to meet during the G20 Summit in Argentina late next month.
The escalation in the trade conflict shows up against the backdrop of fears over a dismal earnings outlook for tech companies as well as the tempo of American interest rate hikes.
Japan’s currency, normally considered to be a safe haven in hard times, dived versus the green back. The currency pair USD/JPY rallied by 0.4% being worth 112.82 ahead of the Bank of Japan’s monetary policy verdict on Wednesday.
The common currency nearly stood still against the evergreen buck. Eventually, the currency pair EUR/USD showed 1.1366, which is not far from Friday’s 10-week minimum of 1.1335.
The euro has been suppressed by soaring political risk in the euro zone.
On Monday, Angela Merkel, German Chancellor told that she’s geared up to stepping down as party leader and also as the country’s chancellor because of the weekend’s dismal regional election outcomes.
An everlasting clash between Italy and Brussels over Rome’s budget has also put pressure on the common currency.
Furthermore, the UK pound was a bit lower. The currency pair GBP/USD lost about 0.11% trading at 1.2778.
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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