Here is what you need to know:about Forex market
Forex markets were cautious at the start of the week due to fresh concerns about the Chinese property industry. The IFO business mood survey from Germany will be featured on the European docket. And European Central Bank (ECB) President Christine Lagarde will appear before the Committee. On Economic and Monetary Affairs. There will be no high-level data releases from the US in the second part of the day. So investors will focus on central bank officials’ comments and risk perception.
Evergrande stated on Sunday that it will be unable to issue fresh debt. Owing to an ongoing investigation into its primary domestic business. Hengda Real Estate Group Co Ltd, a subsidiary, has placed the debt restructuring plan on hold. The Hang Seng Index in Hong Kong plummeted rapidly in response to this news. Losing over 2% on a daily basis. In the meantime, the Shanghai Composite Index fell by more than 0.5%. This development weighed on the AUD and NZD as well. At the time of publication, the AUDUSD and NZDUSD currency pairings were down 0.3% and 0.2%, respectively.
The heat map depicts the percentage fluctuations in major currencies against one another. The base currency is chosen from the left column and the quotation currency from the top row. For example, if you select the Euro from the left column and drag your cursor along the horizontal line to the Japanese Yen, the percentage change exhibited will be displayed. EURJPY (quote) will be represented in the box.
Despite the gloomy trend in Asian market indexes, US stock index futures are trading slightly higher on the day. The US Dollar Index is slightly above 105.50, and the 10-year US yield remains stable at approximately 4.45%.
Forex Market Movements in pairs.
After spending the second part of the previous week oscillating near 1.0650, the EURUSD continued its downwards movement on Monday.
GBPUSD fell roughly 150 pips last week, closing at 1.2238 on Friday, its lowest daily finish since March. The pair began with a bullish gap and climbed above 1.2250 in the early Asian session before losing momentum.
The previous week’s gold price was almost unchanged. XAUUSD entered bearish territory early Monday. a period of consolidation somewhat above $1,920.
Following the Bank of Japan’s (BoJ) inactivity early Friday, the USDJPY achieved weekly gains. In a news conference following a meeting with business leaders in Osaka on Monday, Bank of Japan Governor Kazuo Ueda reaffirmed the need to sustain monetary easing carefully. USDJPY was last spotted going up and down in a tight channel at approximately 148.30, with little reaction to these comments.
