Here is what you need to know on Wednesday, August 7: Japanese Yen remains as one of the biggest movers among major currencies on Wednesday.
The economic calendar will not offer any high-impact data releases midweek and investors will continue to pay close attention to changes in risk perception, while keeping an eye on geopolitics. Following the sharp decline seen at the beginning of the week, USD/JPY staged a rebound on Tuesday but erased its gains to end the day virtually unchanged. The pair gathers bullish momentum early Wednesday and trades at around 147.00, where it's up nearly 2% on a daily basis.
Statistics New Zealand reported in the Asian session that the Unemployment Rate in New Zealand climbed to 4.6% in the second quarter from 4.3% in the first quarter. The Employment Change was up 0.4% in this period, better than the market expectation for a 0.2% decline. In the meantime, the data from China showed that the trade surplus shrank to $84.65 billion in July from $99.05 billion in June. NZD/USD gathered bullish momentum and was last trading slightly above 0.6000, rising over 0.
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