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 stands still, as US markers are closed
On Wednesday, the evergreen buck was nearly intact versus a group of its key counterparts due to the fact that American markets were unavailable for the July 4th holiday.
Estimating the evergreen buck’s purchasing power versus several crucial currencies, the USD index hit 94.38, being unchanged.
With American markets unavailable, market participants were shifting their attention to the Fed’s June gathering due out on Thursday as well as the American employment report for June expected to be uncovered on Friday.
Market participants were still careful ahead of Friday’s deadline for America to impose a 25% duty on China’s imports that the Chinese government has already vowed to match with a duty on American goods.
China’s national currency rebounded overnight right after this Asian country’s main financial institution promised to keep the exchange rate steady, thus trying to soothe financial markets that have been affected by worries as for the fallout of the escalating trade clashes between China and America.
American leader is overwhelmed with an idea of penalizing America’s key trading partners. These are the European Union, Canada and Mexico. That’s the part of his outrageous 'America First' policy. Many investors are afraid it will have global surge impacted.
The common currency tumbled a bit. The currency pair EUR/USD sank by 0.13% being worth 1.1642.
The evergreen buck headed south versus the Japanese yen. The currency pair USD/JPY sank by 0.07% coming up with an outcome of 110.49.
As for the UK currency, it managed to surge. The currency pair GBP/USD leapt by 0.11% trading at 1.3209.
The UK pound gained support from data disclosing that activity in the British service sector speeded up at the fastest tempo for eight months in June. The UK economy rebounded in the second quarter, thus giving grounds for an August rate lift by Britain’s key financial institution.
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