Euro Regains 1.29, Latest Premium Insights
The euro fell to the lowest level since Oct 13 but later rebounded in choppy but relatively quiet trading. The yen was the top performer while the New Zealand dollar lagged. The upcoming session may continue to lack purpose with no news on the calendar. Tuesdays new Premium Insights are out. New trades on EURUSD, cable, Aussie, gold, silver
EUR/USD fell below 1.29 on Monday, but just barely, and then rebounded to 1.2930. Conflicting reports on Spanish aid and ESM leverage left traders scratching their heads. Greece remains in the spotlight with Lagarde hinting the Troika will give them more time to meet program targets. The IMF leader also said global growth will be a bit weaker than assumed in July.
USD/JPY was in focus, also falling to a one-week low. The slide accelerated below 78.00 but stalled at 77.80. Selling came after finance minister Azumi announcing he will step down and be replaced on Oct. 1. Some are speculating that the week-long power vacuum reduces the threat of intervention.
Focus will now shift to Azumis replacement The new fin min will likely be someone tipped to take decisive action on the yen. The strong yen is a major issue in Japan and the government will be keen to show progress ahead of elections early next year.
Speculation about further Fed easing has already erupted. San Francisco Fed President Williams said the Fed could buy Treasuries if needed and analysts at Morgan Stanley said the new purchases could come as soon as December unless the trajectory of the economy improves.
There are no economic releases on the Asia-Pacific calendar except the low-tier Conference Board leading index for China. The prior reading was 44.8.
Monday evenings Premium Insights can be accessed directly here: http://ashraflaidi.com/products/sub01/access/?a=683 Non subscribes can join here: http://ashraflaidi.com/products/
Looking Through Jobs Data Confusion
by Ashraf Laidi | Jul 2, 2020 13:05
Virus Drug Optimism Kicks off Quarter
by Adam Button | Jul 1, 2020 14:22
الداكس ضد باقي المؤشرات
by Ashraf Laidi | Jun 30, 2020 19:44
Special Effects, Gold Retests 1785
by Adam Button | Jun 30, 2020 16:58
حوار عن موجة الأموال الرخيصة المتداولة
by Ashraf Laidi | Jun 29, 2020 19:16