Markets seemed to be in summer mode and took the weekend off. It was a very quiet weekend with financial markets essentially remaining at the same levels they were at on Friday. Japan broke this trend by announcing that its GDP data had increased by 2.6% in the second quarter of 2013, 1% below market forecasts. However, Economic and Fiscal Policy Minister Akira Amari stated he will maintain the sales tax hike, from 5% to 8%, slated for next year. It seems the government's desire to replenish its coffers is taking precedence over the need to have fiscal policies favourable to economic growth.
It appears that all analysts have decided to take a long weekend with only one economic indicator expected: the Monthly Budget Statement will be released today at 2 p.m. It is the perfect opportunity to review your hedging strategy and market orders with your dealer. Have a great Monday! Xavier Villemaire
Range of the day: 1.0250-1.0350
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NBC Daily Forex : August 12, 2013
Published 08/13/2013, 02:19 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : August 12, 2013
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