This last week saw continued pressure on the Japanese Yen as it broke above 150 and continued to a high of 151.91. This recent moved was capped by the BOJ as they intervened in markets bringing the USDJPY cross below 150, with it closing at 147.65 for the week. Other currencies in the region have also been battered by a strong dollar including South Korea, which held emergency meetings.
Equity markets will again take center stage this week, as more BigTech companies report earnings, with SNAP reporting this last week and missing the general outlook for this following week will be rough for some of the advertising revenue dependent companies. Twitter has been one of the outliers in performance, this is due to the recent Elon sponsored takeover of the company.
Political turmoil has continued in the UK with the resignation of Liss Truss this past week the office of PM is once again vacant. This has now led to a new power struggle between former PM Boris Johnson, and former Chancellor of the Exchequer Rishi Sunak. Political risk will continue to dominates UK markets for the next few days and weeks.
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