Around the Forex World in 5 Minutes

Around the Forex World in 5 Minutes

Around the Forex World in 5 Minutes

Let's begin with ASIA:

Asia traded mostly positive, tracking the oil inspired gains seen on Wall St., where WTI rose above USD 41/bbl and the Dow snapped a 7-day losing streak. ASX 200 (+0.3%) was underpinned by the gains in energy after oil’s 3% surge whilst mining names also supported the advances in Australia. Nikkei 225 (+0.3%) saw choppy trade with fluctuations in JPY driving price action. Chinese markets are mixed with bargain-buying observed in the Hang Seng (+0.3%), while the Shanghai Comp (-0.2%) is in the red following a reserved liquidity injection and after yesterday’s NDRC comments regarding lower rates and RRR were retracted from the statement.

Bank of Japan's Deputy Governor Iwata stated the policy review next month is to focus on monetary transmission mechanism and hurdles to the success of its stimulus plan.

Peoples Bank Of China injected CNY 50bln via 7-day reverse repos. PBoC set CNY mid-point at 6.6444 (Prev. 6.6195).

Fly over to EUROPE:

ECB's Weidmann (Hawk) stated that there are possibilities to altering the QE programme.

According to a treasury spokesman, the Italian economy minister has signed a decree which activates the state guarantee on bad loan sales.

Then the UK:

A woman in her 60s has died and five other people have been injured after a man allegedly 'went on the rampage' with a knife in central London. London Metropolitan Police stated that mental health was a key factor behind the stabbing attack in Russell Square but adds that terrorism is still a line of enquiry. City A.M.’s BpE Shadow MPC voted 5-4 in favour of slashing rates to a new all-time low of 0.25 per cent. (CityAM)

What's going on with the FX markets?

In FX markets, the surge in oil prices gave a lift to commodity-linked currencies, with AUD/USD climbing above the 0.7600 level, while NZD and CAD also outperformed. Elsewhere, USD/JPY saw choppy price action and failed to sustain a rebound after meeting resistance around the 101.35 level, which saw the pair briefly retreat below 101.00.

Fitch affirmed Canada at AAA with outlook stable. Australian Retail Sales (Jun) M/M 0.1% vs. Exp. 0.4% (Prev. 0.2%) Q/Q 0.4% vs. Exp. 0.5% (Prev. 0.5%).


Oil extended on yesterday’s over 3% advances in which WTI gained a foothold above the USD 41/bbl. The metals complex suffered overnight with safe-haven gold (-0.6%) pressured amid increased risk-appetite and silver also weighed in sympathy, while copper saw relatively subdued price action.

CME reduced WTI crude margins by 5.9% for September and October to USD 3200 per contract from USD 3400 per contract. Iraq's crude oil output in July rose to 4.632mln bpd. (Newswires)

And finally – The US

Fed's Evans (Non-voter, dove) stated that one rate hike this year could be appropriate and went on to say that the US economic fundamentals are good. Fed's Kashkari (Non-voter) stated that he does not see much inflationary pressure. 

Are you ready for the NFP tomorrow, August 5th?

Open an account today


Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email

Recent .

meta trader 4
MetaTrader 4 app: How you can start trading the markets on the go

MetaTrader 4 app: How you can start trading the markets on the go  The markets are always on the move and therefore, traders who aim to take advantage of …

Read More →
Dogecoin is going to the moon… literally!

Dogecoin is going to the moon… literally!  While the cryptocurrency markets have been put through the mill the past few weeks, Dogecoin managed to steal the spotlight …

Read More →
Stock of the Week: Apple in huge demand, beats estimates by billions.

Stock of the Week: Apple in huge demand, beats estimates by billions. Apple beat estimates for quarterly earnings by billions of dollars. We look at …

Read More →
Stock of the week: Facebook makes CEO Mark Zuckerberg $8 billion in just one week!  

Stock of the week: Facebook makes CEO Mark Zuckerberg $8 billion in just one week!   It has been a momentous week for Facebook CEO Mark Zuckerberg who …

Read More →
Big Tech earnings roll in – Huge profits for Google, Microsoft and more! 

Huge profits for Google, Microsoft and more! Major big tech companies have released their quarterly earnings. We look at how some of the world’s biggest businesses performed so far this year!     Google, …

Read More →
MetaTrader 4 vs MetaTrader 5 – which is the better platform?
Bitcoin bounces back: Is buying the dip worth the risk?

Bitcoin bounces back: Is buying the dip worth the risk?  Bitcoin has recovered some of its losses following its fall from a record high of $65,000. Considering the crypto king’s astonishing performance in 2021, should …

Read More →