MARKET UPDATE 24-Jul-18

A jump in benchmark 10 year U-S Treasury yield to a five-week high had provided much support to the greenback this morning. The surge in yields came despite criticism from the president about the impact of strengthening US dollar and rising interest rates on their economy.

The Japanese Yen also gained a bit of momentum as traders look for clues that Bank of Japan is considering refining its yield curve control policy.

In other news, the Aussie was range-bound as focus turns to Australia’s CPI release tomorrow. Softer inflation data had been one of the key reasons their Reserve Bank has held the interest rates steady. And any positive indication that inflation is stabilizing should give some breather to the investors.

Kiwi traders too would be keeping their eyes on New Zealand’s Trade Balance figures for June tomorrow. It is expected to contract from $294 million to $200 million.

FX Rates- 24.07.18

 

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