20.09.2019: USD weighed down by world’s central banks monetary policies (USDX, JPY, USD, AUD)
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Massive weakening of the US dollar became the main driving force in the Asian-Pacific session in the last trading day of this week. The optimistic news on Brexit and easing trade tensions between the US and China gave hope to the market participants. However, the escalating geopolitical tensions in the Middle East are reducing appetite for risk among market players.
The US dollar index which tracks the dynamic of the greenback against six major currencies is retreating by 0.05% approaching the level of 98.22.
The dollar/yen pair is being pushed down for the second straight day by the Bank of Japan announcement on the key rate. The dollar/yen quote has eased to 107.86.
Today, markets have witnessed another slowdown in consumer price growth which fell from 0.5% to 0.3%, coming in line with expectations. This was the lowest reading for the past 6 months.
Yesterday, the Bank of Japan did not follow suit of the Fed and the European Central Bank in lowering the interest rates. This decision supported the yen and made traders close long deals. The American currency did not manage to maintain momentum that it had gathered after the Fed’s decision on the funds rate. This caused the pair to retreat from the previously gained week highs.
Investors still prefer to buy safe-haven assets avoiding risks amid the escalating conflict in the Middle East. Next week, the market sentiment will be widely influenced by the outcomes of the trade talks between China and the US. Chinese delegation is heading for Washington in order to “lay the foundation” for the upcoming high-level negotiations in October.
Today, Canada is expected to reveal retail sales data during the North American session, while in Europe the consumer confidence index is due. The Fed officials meeting is also scheduled for today.
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