USD/JPY declines for first session in three

USD/JPY lost ground in Asian trade to October 16 lows ahead of US data and Fed speeches and amid a lack thereof from Japan. 

 

As of 06:58 GMT, USD/JPY fell 0.18% to 105.31, with a week low at 105.26. 

 

From the US, Federal Reserve Governor Lael Brainard will speak about the economic and monetary policy outlook at an online conference hosted by the Society of Professional Economists.

 

The Federal Reserve will release the Beige Book later today, which is used by the FOMC to help make their next decision on interest rates. However, it tends to produce a mild impact as the FOMC also receives 2 non-public books - the Green Book and the Blue Book - which are widely believed to be more influential to their rate decision.

 

Differences persist between Democrats on Republicans on US stimulus plans, while the World Health Organization reported 40.25 million global cases of the coronavirus so far, with the death toll at 1.116 million. 


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Posted By laraparker : 21 October, 2020
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The US dollar index held against a basket of major currencies, after the market absorbed President Donald Trump's comments and disappointing economic data.   President Donald Trump unexpectedly decided to stop the Covid-19 stimulus talks with Democrats, until after the presidential election next November.   However, Trump calmed the market's concerns today and stated that he is considering a $25 billion aid program to support to airlines and the paycheck protection program.   The US Labor Department released the unemployment claims reading today, at 0.840 million last week ending, worse than forecasts of 0.820 million.   The US government budget posted a deficit of $3.1 trillion during the 2020 fiscal year, which ended in September.   The dollar index held against a basket of currencies  at 93.6 points as of 20:14 GMT, after it hit a high of 93.7 and a low of 93.5.

The British pound fell against the US dollar on Thursday, following statements by Bank of England's officials, which focus continued on the ongoing Brexit talks between the United Kingdom and the European Union.   Many observers believe that the UK is going toward a no-deal Brexit scenario (no trade deal), as significant gaps remain between London and Brussels regarding a deal about the main issues such as the customs union.   The European Commission's President Michel Barnier stated that any deal with the UK will respect the sovereignty of the UK and the independence of the European Union.   Otherwise, BOE Deputy Governor Dave Ramsden said there is a real risk of a more persistent period of higher unemployment, and the recent strength in income growth might not be sustained as the coronavirus crisis continues.   This came as coronavirus continues to spread rapidly in the UK, which forced Prime Minister Boris Johnson to tighten the lockdown measures for the next few months.   As of 21:00 GMT, GBP/USD fell 0.5% to 1.3077, after hitting a high of 1.3153 and a low of 1.3070.

One of the greatest football managers and two times UEFA Champions League winner, José Mourinho, has been appointed as the new brand ambassador for XTB.   XTB, the global leader in FX and CFD trading, has signed a partnership with José Mourinho, one of the greatest managers of all time in football. The Portuguese coach has led 4 team in 4 different countries (Portugal, England, Italy and Spain) to win their league, and one of only 3 coaches to win the UEFA Champions League twice with two different teams. Mourinho will be the brand ambassador for XTB for the next 2 years.   Omar Arnaout, CEO of XTB stated "I am very pleased to announce our partnership with José Mourinho, who is not only an exceptional personality, but also a symbol of a manager who has built his success on both strategy and winning mentality, which fits very well with the values and strategy of our brand, and also share the same desire to achieve the goals we set ourselves, Just as José helps his team to become the best in the world, we want to help our clients to become better investors with XTB, in which we provide the highest level of service and technology."   The announcement marks the beginning of the broker's new global branding campaign, Be Like José. The creative idea of ​​the story is based on the perception of the similarity between the challenges that investors face every day and those that the football manager faces. Good strategy, a desire to win and learn from failure are the main success factors in both football and investment.   XTB launched the promotional campaign with the release of a video including the new brand ambassador.   Jose Mourinho said "I am glad to be an XTB ambassador for the coming years, when we had discussions about starting cooperation with XTB, it turned out that we share many of the same values such as passion, professionalism, commitment, this is why I'm really happy to work with the amazing team at XTB and share my own experiences with more than 200,000 traders around the world. If you want to trade, be like me, choose XTB."


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