Boris and Kathy Forex Weekly – 13-08-2018 – Majors
August 12, 2018 10:59 pmVideo
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The meltdown in the forex market on Friday is a reminder of why you shouldn’t be sleeping at the wheel in the month of August – either stay away or be prepared for big moves in the financial markets. Summer vacations in Europe and the U.S. means lower liquidity that can compound movements in currencies. In the first 10 trading days of August, the U.S. Dollar Index hit 1-year highs, driving EUR/USD to its lowest level since July 2017. GBP/USD hit its weakest level since June 2017 and Australian dollar fell to its lowest since January 2017. NZD/USD reached levels not seen since March 2016. These moves were fast and aggressive, driven first by concerns about local factors (Brexit, RBNZ) and later by Turkish contagion. Economic data had very little impact on the markets and we should expect more of the same in the week ahead.
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