Forex News Roundup for 27th June, 2023
Categories: Forex News | Published by: GoofySm
- Over the weekend, the private military force known as the Wagner Group, which has been extensively involved in Russia’s operations in Ukraine, appeared to stage a revolt against the Russian government or military. Their planned march on Moscow led to the occupation of two Russian cities along the route. However, the group ultimately retreated when they were just a few hundred miles away from the capital.
- On Saturday evening, the rebellion was abruptly called off, and the leader of the Wagner Group reportedly sought refuge in Belarus. Consequently, the Russian military has initiated efforts to integrate the Wagner Group into its own structure. Remarkably, financial markets displayed a notable lack of reaction to these unfolding events.
- Masato Kanda, Japan’s primary representative in foreign exchange matters, expressed that the authorities are prepared to respond to any excessive movements in the currency market. He characterized the recent depreciation of the Yen as “rapid,” reflecting growing concerns that this significant decline may adversely impact Japan’s robustly recovering economy.
- The Japanese Yen has been reaching multi-year lows against various currencies, including a 15-year high against the Euro (EUR/JPY), a 7-year high against the British Pound (GBP/JPY), and a 7-month high against the US Dollar (USD/JPY). While it is common for Japan to adopt a stern stance against a weakening Yen, it is often observed that they take little action to counter it. Nevertheless, trend traders remain cautious about potential intervention by the Bank of Japan to bolster the Yen, although such efforts are expected to be highly challenging to execute.
- Last week, Bitcoin demonstrated a robust surge, reaching a fresh one-year high price. However, there are preliminary indications suggesting that the crucial resistance level of $30,534 is proving to be resilient.
- On Friday, the release of purchasing managers’ index (PMI) data for services and manufacturing revealed disappointing figures for the UK, Germany, and France, falling below expectations. Conversely, the US services sector outperformed expectations. This divergence underscores the relatively stronger position of the US economy.
- Today’s market outlook is expected to be remarkably calm as there are no significant data releases scheduled, resulting in a lack of high-impact events to influence trading activities. It is anticipated to be a tranquil Monday in the markets.