Nervous investors pushed the US Dollar into reverse and favored the safe haven currencies after broad ranging protests over President Trump’s executive order on an immigration ban. Across the US, protestors of the ban gathered at major US airports. With the help of the American Civil Liberties Union, a judge issued an injunction which permitted immigrants held in customs to enter the US. The greenback suffered its worth month since late last year but had begun to climb on expectations that Trump would help raise inflation and infrastructural spending, but tepid growth and the immigration protests halted the greenback’s rise.
As reported at 10:42 am (GMT) in London, the USD/JPY was trading at 114.621 Yen, down 0.40%; the pair earlier hit a low of 114.2700 Yen, while the daily peak stood at 115.1300 Yen. The EUR/USD just eased away from the opening price and was trading at $1.0696; the pair has ranged from a low of $1.0688 to a peak of $1.0740 in today’s trading session.
Market Movers in the Week Ahead
This week’s key fundamentals that market players will be watching include tomorrow’s release of preliminary GDP for the Eurozone which is expected to have edged slightly higher on a quarter-over-quarter basis. On Wednesday, China and the US will be releasing PMI data for January. Also ahead are monetary policy decisions from Japan (Tuesday), the Federal Reserve (Wednesday) and the Bank of England (Thursday); the ECB will also be holdings its non-monetary policy meeting on Wednesday. Capping off the week will be Friday’s release of non-farms payroll data which could influence Fed policy.