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 slumps vs. counterparts ahead of American GDP data
On Friday, the greenback decreased versus other key counterparts because recent comments by the Fed kept weighing. Moreover, traders were still waiting for the publication of second-quarter surge data due later in the day.
The currency pair EUR/USD gained 0.15% trading at 1.1694, which is not far from Thursday’s two-and-a-half year maximums of 1.1777.
The Fed’s cautious tone on inflation generated fresh uncertainty over the likelihood of a third rate lift in 2017.
The major US bank also told that it expected to start shrinking its balance sheet in the nearer future, thus powering hopes for an announcement already in September.
The currency pair GBP/USD gained 0.17% trading at 1.3088, drifting away from last session’s 10-month maximum of 1.3159.
USD/JPY tumbled 0.31% being worth 110.91.
Meanwhile, in June, Japan’s household spending soared by 1.5%, ruining expectations for a 0.1% sag.
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