Positive tone holding

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

Did you know?

Have you ever heard of Monte Dei Paschi di Siena? Founded in 1472 in Tuscany, Italy, it is considered to be the world’s first actual bank and is still in operation today.

Word of the day
"Maturity" - The date upon which a contract must be settled.
Pro Tip

pip value in quote currency = pip in decimal places X trade size

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