Yen in commands as traders eye Fed
This morning financial markets are keeping one eye US Jackson Hole meeting later in the week which they hope will reveal hints at future
central bank policy. We also have the latest US GDP figures to look forward to on Friday. So far this morning, the main movement has seen
the US dollar advance slightly against most other currencies, with the big exception of the yen which is the dominant force so far today.
The USD/JPY is down 0.28%, with the EUR/JPY down 0.34%. The AUD/JPY is also falling for the fifth day in a row.
European M3 money supply is due at 09.00. US consumer confidence is the day´s main item at 15.00.
The US dollar has fallen firmly out of favour with traders in recent weeks, while the Canadian dollar has risen in the last few days.
The latter´s strength is questionable when you observe the weakness in the Australian dollar, another currency reliant on commodity exports.
The USD/CAD´s recent strength may not be sustainable, so a HIGHER trade may work here.
A good way to play this on BetOnMarkets.com might be a HIGHER trade predicting that the USD/CAD closes above 1.0000 in 30 days time could return 240%.
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