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You are free to copy and distribute the table under Creative Commons Licence CC-BY 3. 0 – please refer to fx-rate. USD climbs to 1-month tops, closer to mid-0. USD Technical Analysis: Euro bulls breaking the 1. Italy leap and also trade remained in the forefront.
JPY fundamental movers Italy, trade, and Trump-ed NFP The danger of Italy leaving the euro-zone and thus triggering a wide global crisis rose to the highest levels in many years. The crisis erupted when the President rejected a Euroskeptic finance minister, Savona, and criticism erupted. A new round of elections would have brought a stronger majority for the anti-establishment parties and would have been seen as a de-facto referendum on the euro-zone. The crisis prompted a surge in the yen, the ultimate safe-haven currency. The US implemented tariffs on steel and aluminum on Canada, Mexico, and the EU.
There is a growing fear that these trade wars will result in weaker global growth. The issue will continue playing out. The US jobs report was quite upbeat as the economy gained 223K jobs, better than expected. And while wages did not exceed expectations on a yearly basis, they still increased by 0.
This helped the pair rise toward the end of the week. The outstanding figure on a relatively lightweight calendar is the ISM Non-Manufacturing PMI published on Tuesday. As the NFP is already out, the report will have its own space. In addition to the lack of top-tier figures, there will be no Fed speeches as they are already in a blackout period ahead of the decision in the following week.
Preparations are also going on for the reinstated Trump-Kim Summit. Any ups and down can impact the safe-haven Japanese yen. The G-7 came out against America’s behavior on trade, which has worsened with all the world. The new tariffs on steel and aluminum may be joined by tariffs on Chinese tech.
Japan is not only a safe haven but also dependent on trade. 20 supported the pair back in December. 50 was a swing high in February. The round number of 110 serves as a psychological level.