- European session review: JPY strengthens amid growing coronavirus fears and diminishing U.S. stimulus hopes
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European session review: JPY strengthens amid growing coronavirus fears and diminishing U.S. stimulus hopes
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 09:00 | Eurozone | Employment Change | Quarter II | -0.2% | -1.7% | -2.8% |
| 09:00 | Eurozone | Trade balance unadjusted | June | 9.4 | 12.6 | 21.2 |
| 09:00 | Eurozone | GDP (QoQ) | Quarter II | -3.6% | -12.1% | -12.1% |
| 09:00 | Eurozone | GDP (YoY) | Quarter II | -3.1% | -15% | -15% |
Safe-haven JPY rose against most other major currencies in the European session on Friday as investor risk appetite waned amid growing concern for a coronavirus resurgence and the diminishing chances of a coronavirus stimulus bill in the U.S.
Coronavirus cases are rising in some parts of the world, reigniting concerns about the possibility of the second wave of Covid-19. On this backdrop, the UK's government decided to impose quarantine on tourists returning from holidays from France, the Netherlands and Malta.
U.S. Congress adjourned for a month-long vacation, dismaying investors' hopes for a breakthrough on a fresh stimulus package. House Speaker Nancy Pelosi said on Thursday that Democrats and the White House remain "miles apart" in talks on a fresh round of stimulus.
Weaker-than-expected July retail sales and industrial production data from China added to the cautious tone as well. Now, market participants are awaiting the U.S. retail sales data and the University of Michigan's monthly survey of consumers, due at 12:30 GMT and 14:00 GMT respectively.
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