Few things the markets are talking about.
Trading yesterday was not for the faint of heart. Global markets were shaken by continued weak growth readings in China and Europe coupled with the Reserve Bank of Australia (RBA) surprise decision to lower rates.
The various asset price moves were complemented by a significant reversal to the ‘mighty’ buck.
As we head to the open stateside, the mood is somewhat subdued, but investors concerns are the same as the market gears itself up for the granddaddy of all economic indicators, Friday’s non-farm payroll (NFP).
1. Dollars dominates proceedings
It seems that the dollar ‘bear’ can never afford to get too comfortable for too long. The recent pressure applied to the world’s reserve currency has been slow and persistent. A reversal in dollar positioning tends to quick, painful and unabated. Despite the above-mentioned reasons why the dollars rise, this week’s turn can also be attributed to further Fed talk.
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USD/JPY trades up +0.2% at 106.86, well above its 18-month low print yesterday (¥105.55). EUR/USD is down -0.1% at $1.1481, off an eight-month peak above $1.16 on Tuesday, while GBP/USD trades down -0.4% at $1.4490 after having hit a peak around $1.4771.
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