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G20 ends with clear statement against currency wars
The euro (EUR) moved lower versus the US dollar (USD) currently at 1.3345 as European markets open. Currency wars have been avoided according to the G20 meeting that took place during the weekend in Moscow, however it seems that world leaders are willing to give Japan the flexibility to devalue its currency. Looking ahead we expect the European trade balance to be in surplus which may give a small boost to the single currency; however it looks more probable that a negative economic sentiment release from Germany later in the day may overshadow any positive news for the euro.
The Australian dollar (AUD) moved higher against the Japanese yen (JPY) as the Aussie touched 96.80 for the third time in the past week. This has prompted heavy sales of Australian bonds from Japanese investors that speculate that the yen has reached a top.
Gold (XAU) suffered heavy losses and is currently trading around 1614 after investors turn their attention to riskier asset classes.
Brent Crude (BRT), regained losses it incurred on Friday as confidence picked up after the G20 meeting. The crude is now trading at 117.79.
| Outlook | . | Pivot | Preference1 | Sentiment2 |
| . | EURUSD | 1.3380 | SHORT @ 1.3380 | 43% of deals buy EUR |
| . | USDJPY | 93.25 | LONG @ 93.25 | 36% of deals buy USD |
| . | GBPUSD | 1.5545 | SHORT @ 1.5545 | 66% of deals buy GBP |
| . | AUDUSD | 1.0330 | SHORT @ 1.0330 | 62% of deals buy AUD |
| . | GOLD | 1629.00 | SHORT @ 1629.00 | 80% of deals buy GOLD |
| . | OIL | 97.05 | SHORT @ 97.05 | 72% of deals buy OIL |
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™
| Calendar | Currency | Time (GMT) | Event | Forecast |
| . | EUR | 09:00 | Current Account Balance | 15.30B |
| . | EUR | 10:00 | German ZEW Economic Sentiment | 35.0 |
| . | CAD | 13:30 | Wholesale Trade | -0.4% |
| Movers Shakers | |
| USDJPY | The US dollar (USD) looks set to move higher versus a weakening Japanese yen (JPY). The pair, currently at 93.92, gained momentum after the G20 made a clear announcement that they will refrain from currency wars and competitive devaluations. At the same time some analysts suggest that a yen between 90 and 100 is within equilibrium. |
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