The yen is again standing out in overnight activity, extending the losses seen in the wake of weekend upper house elections seen yesterday. The move is significant because the post-Brexit environment had seen the yen strengthen, much against the wishes of the Japanese authorities, so the latest move will be welcome relief. Abe has followed through today, requesting that cabinet colleagues follow up with finer details on spending plans this week. USDJPY finds itself above the 103.00 level, with EURJPY seeing resistance at 114.74/79 area.
The other key move in the past 24 hours has been GBPUSD, where the twists and turns of the UK political environment yesterday meant an accelerated move to a new prime minister as the challenger to the favourite pulled out of the face. That removed a few weeks of uncertaint
Currency trading and exchange are no new practices. In fact, money-changing people can be traced back to the Biblical times. Using city-stalls, they would help others change money and take a commission or charge a fee for their services.
Word of the day
"Basis Point (BP)" - A measure unit for interest rates which equals 0.01% and shows the percentage change in a financial instrument.
Trades usually have more chances of being successful during high market activity.