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This week can be expected to be more significant than the previous week, with Central Bank input due concerning the Euro on Thursday, and crucial U.S. Non-Farm Payroll data due on Friday.
Japan’s Prime Minister Shinzo Abe announced a possible decision change regarding an increased sales tax at a meeting with his ruling Liberal Democratic Party Saturday.
The G7 meeting of financial policy makers ended t Friday without taking any real concrete steps towards a more stable global economy.
Though key members of the US Federal Reserve are due to speak later today, FX traders are waiting to hear from Janet Yellen, the Chairperson, to get a better idea of how the Fed intends to proceed.
The yen zoomed in early trade on Thursday in anticipation of a possible sales tax hike in Japan and the upcoming decision by Federal Reserve chief Janet Yellen about an interest rate hike in the U.S.
The Euro edged higher against the US Dollar and the British Pound today after finance ministers from the Eurozone approved the release of €10.3 billion to the Greek government in recognition of their efforts to drive through a difficult austerity program.
U.S. new-home sales posted their strongest month in more than eight years with prices jumping to a record level, an indication of growing confidence in the economy's prospects.
Though lower now, the Japanese Yen had been able to retain recent gains, having been propped up by FX trader’s risk adverse sentiment after another decline in the price of crude oil.
Reserve Bank Governor Glenn Stevens defended the central bank’s inflation targeting, voicing intentions of remaining vigilant against the risks of continued low interest rates.
The Pound Sterling firmed against the US Dollar in Monday’s trading in Europe after seeing a 1% rise last week.
After rebounding over the weekend, the U.S. dollar took a step backwards against most of its major counterparts Monday with traders factoring in the probability that the Federal Reserve will raise interest rates next month.
Not much was decided at the 2-day G7 meeting of finance ministers and central bank governors in Sendai over the weekend.
This week can be expected to be less active than the previous week, with Central Bank input due concerning only the Canadian Dollar on Wednesday, although the New Zealand government will be releasing its annual budget on Thursday.
The G7 financial leaders will be meeting in Japan’s Sendai this weekend to discuss currency volatility and methods required in revitalizing leading economies.
There’s growing certainty that the Federal Reserve Bank is likely to boost interest rates within the next quarter.