The US dollar was seen weakening once again on Monday. The dollar fell against the euro as investors bid up the common currency following Draghi’s comments on Friday at the Jackson Hole symposium. Economic data was largely quiet yesterday.
Reports emerged earlier today that North Korea tested a missile which flew over Japan and landed in the sea. Investors rushed to the safe haven of the Japanese yen and gold which was seen strengthening as a result. Further reaction could be expected later in the day as the markets unfold.
Looking ahead on the economic front, the economic calendar today will include the French GDP numbers for the second quarter. No changes are expected as the second quarter GDP is expected to remain steady at 0.5%. In the US the conference board’s consumer confidence data is also expected to come out.
