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Thursday Roundup; Oct 14, 2021

Thursday Roundup:

The U.S. dollar weakens sharply against major peers after dovish FOMC meeting minutes. Apart from it, let’s have a look on Global Events happened across the world.

  • The United States is going to lift restrictions at its land borders with Canada and Mexico for fully vaccinated foreign nationals in early November.
  • The House of Representatives gave final approval to legislation temporarily raising the government’s borrowing limit to $28.9 trillion, pushing off the deadline for debt default only until December.
  • President Joe Biden is expected to sign the measure into law before Oct. 18, when the Treasury Department has estimated it would no longer be able to pay the nation’s debts without congressional action.
  • Vaccination rates against COVID-19 in the United States have risen by more than 20 percentage points after multiple institutions adopted vaccine requirements, while case numbers and deaths from the virus are down.
  • Bank of Japan’s Noguchi – The reduction in monetary easing as seen in other central banks won’t be an option for Japan.
  • BoJ’s Noguchi – Japan is unlikely to face the need to address high inflation.
  • Japan PM Kishida – Will include in stimulus package spending to aid domestic development, production of vaccines, drugs to treat covid-19 patients.
  • Japan PM Kishida – Will make bold hike in tax exemptions to firms that raise wages.
  • Turkish Lira hits historical low after Turkey’s Erdogan fires three more Central Bankers.
  • Turkey’s Erdogan removed Deputy Governors Semih Tumen and Ugur Namik Kucuk, along with Monetary Policy Committee member Abdullah Yavas, according to the decree. He appointed Taha Cakmak as deputy governor and Yusuf Tuna as an MPC member.
  • Russian Deputy Prime Minister Alexander Novak believes that oil prices could reach $100 per barrel under certain conditions, but Russia hopes to balance the situation, he told reporters on Wednesday.
  • G7 Finance Ministers have agreed to collaborate to solve global Supply Chain Issues.
  • IEA – as OPEC+ unwinds production curbs, the U.S. recovers from hurricane IDA, and maintenance winds down, oil supply has resumed an upward trend.

Do keep this key news in mind while trading in FX market to take the best advantage of FX volatilities.

Take a look and do trade wisely!
Good Luck

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