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EU Session notes: Dollar holds ahead of barrage of data

By Mohammad Shanti
24 Oct,2022
EU Session notes: Dollar holds ahead of barrage of data
  1. The US dollar stood strong on Monday after suspected reports suggests that bank of Japan intervened in the foreign exchange market on Friday to buy yen for the second time in a month after the currency hit a 32-year low near 152 to the dollar.
  2. The Financial Times reported the Bank of Japan may have sold at least $30 billion on Friday in an effort to restrain the yen's weakness, which has sharply lifted the cost of imports, particularly for resources.
  3. Stocks indices rallied and U.S. yields fell on Friday after the Wall Street Journal reported Federal Reserve officials will likely debate the size of future hikes, fueling hopes that a Fed pivot might be near.
  4. Market sentiment will be tested this week as traders will set their eyes on a barrage of data ahead. Earnings from the likes of apple, amazon and alphabet will be reporting their earnings. As for today PMI readings from across the major nations will be in focus.

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