JPY Soars While High-Beta Currencies Decline Amid Risk-Off Sentiment In The Market
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JPY, benefits, forex, trading, trade

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MARKET RECAP
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1️⃣ Asian stock markets traded lower on growing global growth concerns.

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FOREX RECAP
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1️⃣ USD: US Dollar Slipped further after President of the Federal Reserve branch of Dallas, Robert Kaplan says the coronavirus resurgence is affecting the tourism, hospitality, and leisure sectors, and reduced the GDP growth forecast to 6.0% from 6.5%, which could support tapering in October if there is no fundamental change in meeting this September.

2️⃣ CAD: Canadian dollar declined on Wednesday, after the BOC stressed that the economy in Canada still has substantial excess capacity, and that the recovery requires tremendous monetary policy support.

3️⃣ NZD/AUD: A negative market environment pressured high-beta currencies.

4️⃣ JPY/CHF: Investor concerns about the spread of coronavirus sparked demand for safe-haven currencies.

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COMMODITIES RECAP
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1️⃣ WTI crude oil price traded around $ 69 a barrel, as investors awaited US crude oil inventory data later today.

2️⃣ Gold prices fell below the $ 1,800 level, amid a surge in the US dollar.

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Economic Data Focus On Today
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1️⃣ China CPI for August (09:30 Malaysia Time) — No Prediction — No prediction on the data.

2️⃣ German Trade Balance for July (14:00 Malaysia Time) — Bearish Prediction — The rapid spread of the COVID-19 Delta variant could restrain the economy.

3️⃣ ECB Rate Decision for September (19:45 Malaysia Time) — No Prediction — No prediction from the central bank.