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:
Greenback is nearly intact at 1-week minimum vs. counterparts
On Friday, the evergreen buck was nearly intact sticking to a one-week minimum versus other key currencies. It’s because worries over the fate of a highly-anticipated American tax reform bill applied pressure on the US currency.
The greenback was pressured due to the news that the Senate Republicans' bill tax overhaul would postpone implementation until 2019.
Like their House rivals’ version, the Senate's proposal also suggests cutting the corporate tax rate from 35% to 20%.
Besides this, both bills would add approximately $1.5 trillion over 10 years to the American budget deficit as well as national debt.
The currency pair EUR/USD was intact being worth 1.1641. GBP/USD slid 0.11% showing 1.3131.
USD/JPY was intact, sticking to 113.49. Meanwhile, the currency pair USD/CHF managed to grow 0.20% trading at 0.9948.
AUD/USD gained 0.09% demonstrating 0.7686, NZD/USD dived 0.10% hitting 0.6939.
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