Greenback reaches three-month maximum vs. yen on Abe election win

Greenback reaches three-month maximum vs. yen on Abe election win

On Monday, the evergreen buck hit a three-month maximum versus the Japanese yen, with market participants betting that an emphatic election win for Japan's ruling party would mean a continuation of the ultra-loose "Abenomics" policy, which have kept suppressing the Japanese yen.

Japanese Prime Minister Shinzo Abe's ruling bloc managed to score a huge victory in the election on Sunday, with his Liberal Democratic Party-led (LDP) coalition grasping a combined 312 seats, thus keeping its two-thirds  majority in the lower house.

Abe's win relieved concerns that the economic steps taken under his leadership, such as an expansive asset-purchase program by the BOJ, would be disrupted and also would cease the Japanese yen's depreciation versus the evergreen buck.

The major US currency soared 0.5% reaching 114.10 yen after the election results, which is its strongest outcome since July 11.



What to Trade on August 29 - September 2?
What to Trade on August 29 - September 2?

Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.

USD Moves Weird Ahead of CPI
USD Moves Weird Ahead of CPI

The United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.

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FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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