Forex Marketz Daily Forex News – Fully Markets Update
The Forex markets, including the dollar, held near the top of their current ranges Monday morning during the Asian trade session. There was not a lot of news concerning the trade spat between the United States and China and traders were looking at key economic growth data out of China.
The USD/JPY Forex market was near its six month top. It was steady at 112.39 yen near its six month high at 112.79 yen. That was set last Friday.
The dollar index, which measures the sawbuck against six other Forex majors, was virtually flat this morning as it traded at 94.750.
The dollar index was as high as 95.241 just last week. However the USD gave back some gains after Chinese data showed the latest tariffs were not really impacting China at this time.
The EUR/USD market was quiet. It was just above a nine day low at $1.1610. This was set just last week. The euro was last trading down 0.1 percent to trade at 1.1677.
The GBP/USD market was also down a tad. It fell from last week’s low at 1.3101 to trade at 1.1322.
The Dollar Makes some Gains against the Chinese yuan but China’s GDP is in Focus
Traders are worried about China’s gross domestic product data for the second quarter. However, data showed that the world’s second largest economy grew at 6.7 percent. This met expectations.
Traders were worried that the Chinese economy would be impacted by tariffs. This sent the yuan crashing lower in the offshore markets. The yuan was last at a 11 month low of 6.7326s et on July 3. This morning it was at 6.7050.
