Last week we saw the expected de-escalation in the Iran – Israel war and a risk on rally ensued.
The Yen had sharp sell off. Firstly, the BoJ kept rates unchanged, and a dovish tone then compounded the fall closing the week through 158.
The dollar ended the week roughly flat with the DXY closing around 106.
In commodity currencies Aussie was the strongest. The AUD had a good week as strong domestic and inflation data buoyed the currency but also renewed optimism for the China recovery story. Data wise strong PMI’s gave optimism for GDP Q2 growth and a good week in Hong Kong stocks gave the positive sentiment and if this turns into a stable trend the AUD should see further upside.
Both Euro and Pound had relatively quieter weeks. The GBP performed well against the JPY and USD while the Euro had little data to spark interest. The ECB is still looking towards the summer before any rate cuts will be considered.
Oil continued its volatility with large intra week swings. The end of the week WTI close 1.9% higher.
Next week the market will be looking at the JPY to see if the collapse continues. We would expect a short terms reversal, but it is where the trend settles.
Data wise it is a busy week with FOMC and Non-Farm Payrolls as May rolls in.
Weekly Majors’ Market Performance
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The post Yen Collapse; FOMC in Focus appeared first on JP Fund Services.
Peyman Khosravani is a global blockchain and digital transformation expert with a passion for marketing, futuristic ideas, analytics insights, startup businesses, and effective communications. He has extensive experience in blockchain and DeFi projects and is committed to using technology to bring justice and fairness to society and promote freedom. Peyman has worked with international organizations to improve digital transformation strategies and data-gathering strategies that help identify customer touchpoints and sources of data that tell the story of what is happening. With his expertise in blockchain, digital transformation, marketing, analytics insights, startup businesses, and effective communications, Peyman is dedicated to helping businesses succeed in the digital age. He believes that technology can be used as a tool for positive change in the world.
