Japanese Yen to Consolidate as Speculation for Intervention Resurface
The yen advanced more than 1.8% against the greenback this week as traders sought refuge amid mounting concerns that the US may default for the first time in the nation’s history. Further supporting the yen was economic data out of Japan, highlighted by stronger than expected retail trade report, small business confidence data, housing starts, and employment figures. The data suggests that the economy may be on proper footing as the isle nation struggles to recover from the crippling March disaster. However weaker than expected prints on industrial production and overall household spending coupled with a rapidly appreciating yen, fueled speculation that the underlying metrics of the economy may still be under pressure.
US Dollar Could Fall Further on Debt Ceiling Impasse, Nonfarm Payrolls
The Dow Jones Industrial Average fell 4.2 percent and the Dow Jones FXCM Dollar Index shed 1.2 percent on a tense week for financial markets as the August 2 US Debt ceiling deadline looms large. Traders continue to show real fear that the US Congress and President could fail to pass an extension of the debt ceiling before the country runs short of funds and becomes insolvent. Volatility is virtually guaranteed on a contentious week of trading given US Debt Ceiling threats and an end-of-week US Nonfarm Payrolls report.
US Dollar Could Fall Further on Debt Ceiling Impasse, Nonfarm Payrolls
The Dow Jones Industrial Average fell 4.2 percent and the Dow Jones FXCM Dollar Index shed 1.2 percent on a tense week for financial markets as the August 2 US Debt ceiling deadline looms large. Traders continue to show real fear that the US Congress and President could fail to pass an extension of the debt ceiling before the country runs short of funds and becomes insolvent. Volatility is virtually guaranteed on a contentious week of trading given US Debt Ceiling threats and an end-of-week US Nonfarm Payrolls report.
US Dollar Could Fall Further on Debt Ceiling Impasse, Nonfarm Payrolls
The Dow Jones Industrial Average fell 4.2 percent and the Dow Jones FXCM Dollar Index shed 1.2 percent on a tense week for financial markets as the August 2 US Debt ceiling deadline looms large. Traders continue to show real fear that the US Congress and President could fail to pass an extension of the debt ceiling before the country runs short of funds and becomes insolvent. Volatility is virtually guaranteed on a contentious week of trading given US Debt Ceiling threats and an end-of-week US Nonfarm Payrolls report.
