• The Asian Session saw USDJPY recover from 111 lows of Wednesday, to 112.55 after BOJ official stated that cheap Yen might hurt the economy.
  • China on the other hand has dropped 6% while Japans Nikkei closed positive 1.41% after reports that the government is considering an increase in spending to support the economic growth.
  • GBP/USD continues to be under pressure on Brexit fears. A Bloomberg survey showed said that there is a 40% probability of an economic recession should a Brexit happen
  • NZD and CAD are now the strongest major currencies this week with European the weakest ones.
  • Last night, saw a reversal in Wall Street, and stocks closed positive after oil prices stabilized. As a result Gold reversed its spectacular gains to 1253 earlier and dropped as low as 1220. It trades now at 1236.
  • Data wise, we have a light calendar today so markets will look forward to the G20 meeting tomorrow in Shanghai where IMF’s Lagard’s, is hoping for a “strong policy response, both national and multilateral: if threats to economy persist.
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