Both the dollar and the yen retreated yesterday as financial markets calmed somewhat following the turmoil triggered by Turkish lira’s collapse. As for today, pound traders are likely to fix their gaze on the UK employment data for June, but given the uncertainty surrounding Brexit and the cautious stance by the BoE, we doubt that any upbeat numbers could lead to a sustained recovery in the British currency.
Financial Community Calms Somewhat as Lira Stabilizes
The dollar traded lower against most of the other G10 currencies on Monday. It underperformed the most against SEK, NOK and NZD in that order, while it gained only against JPY. The greenback traded virtually unchanged against AUD and CHF.
The pullback in the dollar and the fact that the safe haven yen was the G10 currency that lost the most ground yesterday suggest some calmness in the financial community following the turmoil triggered by...
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