MARKET UPDATE 31-Jul-18

This is an important week in the foreign exchange market and the action kicked off with the Bank of Japan’s monetary policy announcement today. The two-day meeting concluded without much policy changes.

The Federal Reserve’s Open Market Committee is also due to begin its own monetary policy meeting followed by the Bank of England later in the week.

On the economic front, New Zealand’s Building Permit issuance for June fell by 7.6%. However, Australia’s number of approvals grew by 6.4 per cent over the month.

Some key data releases for the euro area are out tonight. Including July inflation numbers, advance second quarter GDP and June unemployment figures. GDP growth is expected to have stabilised at 0.4%. Inflation is expected to be steady at 2.0% and unemployment is expected to have edged lower to 8.3%.

FX Rates- 31.07.18

 

 

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