U.S dollar gave up some gains against its basket of currencies at the start of the week. However, currency touched a nine-month high against the Japanese yen on Monday after Federal Reserve Chair Jerome Powell on Friday left open the possibility of further rate hike.
The greenback hit 146.685 Japanese yen, the highest since Nov. 9.
Traders are watching out for any signs of intervention in the currency market from Japanese authorities as the yen weakens.
Bank of Japan Governor Kazuo Ueda said on Saturday that the bank will maintain the current approach to monetary policy, as underlying inflation in Japan remains “a bit below” its 2% target.
Traders are watching out for any signs of intervention in the currency market from Japanese authorities as the yen weakens.
Bank of Japan Governor Kazuo Ueda said on Saturday that the bank will maintain the current approach to monetary policy, as underlying inflation in Japan remains “a bit below” its 2% target.
Bullions and base metals prices struggled to maintain its gains on Monday. While, Energy gained more than one percent. Although, upside remained limited due to the Chinese economic situation and market placing bets on a more aggressive Federal Reserve (Fed). On the upside, markets monitor potential support that the Chinese government may take.
China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputter in the world’s second-biggest economy.
MCX Gold futures settled at 58887, up 0.42%, Silver at 73612, up 0.09%. Copper prices settled at 732.60, up 0.16%. Crude oil settled at 6618, up 1.77%. Natural gas settled at 211.20, up 0.91%.
Economic data and events scheduled today
Eurozone
At 11.30pm – German GfK Consumer Climate. Data is foreseen at -24.5 from -24.40.
Tentative – EU Economic Forecasts.
All above data could have a negative impact on the euro.
Australia
At 1.10pm – RBA Gov-Designate Bullock Speaks.
All above data could have a volatile impact on the dollar.
U.S.
At 6.30pm- S&P/CS Composite-20 HPI y/y. Data is foreseen at -1.5% from previous -1.70%.
At 7.30pm CB Consumer Confidence. Forecast is 116.2 from 117.00
At 7.30pm – JOLTS Job Openings. Forecast is 9.70M from 9.58m.
All above data could have a volatile impact on the dollar.