Weekly Trading Forecast: Yen Intervention, ECB Desperation and Fed Timing
While pressure builds on the technical front, the fundamental threat list continues to grow. Unusual monetary policy currents will compete with risk appetite in the week ahead.
There can be disadvantages to being the world’s most liquid currency. The Dollar’s intrinsic integration into the global financial system makes it particularly vulnerable when its fundamental health is shaken and the world is in a state of flux.
The European Central Bank isn’t going to change its monetary policy this week, so traders should look to President Mario Draghi’s press conference for clues as to when the ECB will ease next – if at all.
We’re less than 70 days away from the historic ‘Brexit’ vote on June 23, and preference remains that a status quo ‘Remain’ vote will win out.
Matters just haven’t been the same for the Japanese Yen since the BoJ’s surprise move to negative rates at their January meeting.
This week the onshore Yuan (CNH) extended losses against the US Dollar from the last week, while the onshore Yuan (CNY) closed at a slightly higher value.
Gold prices pulled back to mark the first weekly loss in three with the precious metal off 0.79% to trade at 1230 ahead of the New York close on Friday.
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