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Big week-currency markets

FOREX_Currencies-big-week_FXPIG

Major currencies stuck to familiar ranges on Monday as investors shied away from taking out big positions ahead of a flurry of crucial economic data and central bank monetary policy meetings this week.

With the Bank of Japan ending a two-day meeting on Tuesday, the Federal Reserve concluding its meeting on Wednesday and the Bank of England expected to raise interest rates on Thursday, investors are preparing for a busy week that could set the near-term course for currencies.

The European Central Bank’s reaffirmation last week that rates would remain low through the summer of 2019 hurt the euro and the currency remained stuck around $1.1649 against the dollar in early European trading.

Euro zone inflation data due later on Monday and on Tuesday could help shake the currency out of its recent narrow range, analysts said, although investors appear reluctant to make large bets for now.

The dollar index against a basket of six major currencies stood little changed at 94.717 after dipping slightly on Friday.

Upbeat second quarter U.S. gross domestic product data failed to lift the greenback, as markets had mostly priced in strong figures.

More important will be data that incorporates July, which is when tariffs against Chinese goods were activated.

The U.S. currency was 0.1 percent higher at 111.10 yen, with markets preparing to see whether the BOJ is considering taking steps to make its massive stimulus programme more sustainable.

Talk about what the BOJ might do includes the central bank possibly adjusting its yield-curve control and exchange-traded fund (ETF) buying schemes. The dollar has eased back from a six-month high above 113.00 yen scaled on July 19 after such speculation.

The Chinese yuan continued to weaken. In offshore markets it fell to as low as 6.85 yuan per dollar, close to its one-year low reached last week, before settling around 6.833.

The yuan has been under relentless presure in recent months because of nervousness about what a dispute over trade with the United States will mean for the Chinese economy.

The Australian dollar declined 0.1 percent to $0.7397, while the Canadian dollar fell 0.1 percent to C$1.3065.

Source:reuters.com

Major currencies stuck to familiar ranges on Monday as investors shied away from taking out big positions ahead of a flurry of crucial economic data and central bank monetary policy meetings this week.

With the Bank of Japan ending a two-day meeting on Tuesday, the Federal Reserve concluding its meeting on Wednesday and the Bank of England expected to raise interest rates on Thursday, investors are preparing for a busy week that could set the near-term course for currencies.

The European Central Bank’s reaffirmation last week that rates would remain low through the summer of 2019 hurt the euro and the currency remained stuck around $1.1649 against the dollar in early European trading.

Euro zone inflation data due later on Monday and on Tuesday could help shake the currency out of its recent narrow range, analysts said, although investors appear reluctant to make large bets for now.

The dollar index against a basket of six major currencies stood little changed at 94.717 after dipping slightly on Friday.

Upbeat second quarter U.S. gross domestic product data failed to lift the greenback, as markets had mostly priced in strong figures.

More important will be data that incorporates July, which is when tariffs against Chinese goods were activated.

The U.S. currency was 0.1 percent higher at 111.10 yen, with markets preparing to see whether the BOJ is considering taking steps to make its massive stimulus programme more sustainable.

Talk about what the BOJ might do includes the central bank possibly adjusting its yield-curve control and exchange-traded fund (ETF) buying schemes. The dollar has eased back from a six-month high above 113.00 yen scaled on July 19 after such speculation.

The Chinese yuan continued to weaken. In offshore markets it fell to as low as 6.85 yuan per dollar, close to its one-year low reached last week, before settling around 6.833.

The yuan has been under relentless presure in recent months because of nervousness about what a dispute over trade with the United States will mean for the Chinese economy.

The Australian dollar declined 0.1 percent to $0.7397, while the Canadian dollar fell 0.1 percent to C$1.3065.

Source:reuters.com

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