Forex Today: Yen gains in rough waters ahead of Fed, SNB, BoE and PMIs – by MSalordFX DollarIndex USDJPY Gold RiskAversion
Wall Street indexes ended higher a volatile week as traders sail in rough waters. The Nasdaq gained more than 4%, on a bumpy trip. The VIX moderated, rising around 2% over the week, but is up 25% from the level it had a months ago. Banking concerns again dominated price action across financial markets. European and Asian indices closed with weekly losses. , continued with Signature Bank, Credit Suisse and the First Republic Bank.
Next Wednesday, the Fed will likely raise interest rates by 25 bps, despite market tensions. If the US central stays on hold afraid of the current context, it could trigger a shock in markets that could offset the positive news of a pause of the tightening cycle. The clues about the future will be watched closely. China on Monday is seen leaving rates unchanged. had the biggest weekly gains in years.
Better-than-expected economic data from the UK offered support to the Pound. GBP/USD had the best weekly performance since mid-January, rising toward 1.2200. Next week, Bank of England’s Monetary Policy Committee will met. Market participants expect a final 25 basis points rate hike.was hit by the banking chaos, that included the Credit Suisse. The situation forced the Swiss National Bank to take action. The SNB will announce its monetary policy decision on Thursday.
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