The financial markets witnessed many important forex news, as the US dollar traded lower against the Japanese yen and the Swiss franc at the end of trading on Friday, as investors headed towards safe assets ahead of voting on the first round of the presidential elections in France.
The dollar fell against the yen by 0.2 %, to trade at the level of 109.09 at the close of trading, and the dollar fell against the franc by 0.18 %, to close at a price of 0.9966, and at the end of trading, the euro rose against the US dollar by 0.1 %, recording the level of 1.0727.
While the pound continued to be supported, as the pound traded against the dollar at 1.2825 at the close of trading on Friday, this came despite the release of many forex news and data that showed that retail sales in Britain recorded the largest quarterly decline since the first three months of 2010 during The first quarter of this year, and these data led to the reinforcement of fears that rising inflation will lead to weak consumer spending, which is the main driver of the British economy.
It is worth noting that the British pound managed to achieve many gains during the past week, as it rose by 2.3 %, supported by the statements of British Prime Minister “Theresa May” when she announced earlier in the week that early parliamentary elections would be held.
Confidence in the pound has boosted expectations that May will win a large majority in the elections, in addition to securing her position ahead of talks with the European Union on the terms of Britain's separation from the European Union.
The dollar index, which measures the strength of the US currency's performance against a basket of 6 major currencies, traded without any significant changes at the level of 99.66 late on Friday, exceeding its lowest level in three weeks at 99.36, which was recorded earlier in Wednesday's trading. .
On the other hand, opinion polls indicated that centrist Emmanuel Macron was slightly ahead of his closest rival, Marine Le Pen, before voting began in the French presidential election on Sunday in a four-way race that is nearing its end.
However, investors fear the possibility of a run-off between the hard-left candidate Jean-Luc Melenchon and the far-right candidate, Marine Le Pen, who want to vote on France's secession from the European Union.
The attention of global markets was about monitoring events in Washington, as US Treasury Secretary Steven Mnuchin said in his statements on Thursday, during which he stressed that the new US administration led by President “Donald Trump” will reveal in the coming period plans for tax reform and expects that tax reform plans will be implemented. Approved by the US Congress during this year.
During this week, there will be a state of intense focus by investors on many forex news represented by political developments in France, as financial markets await the European Central Bank meeting scheduled for next Thursday, in addition to the release of inflation data in the eurozone at a time later on Friday.
Investors are also awaiting the release of preliminary estimates of economic growth in Britain and the United States during the first quarter of this year, which is scheduled to be released on Friday.
The following are the details of the most important major events on the global economic scene:
Monday 24 April
The Ifo Institute will report on the German business climate, and Canada will publish data on wholesale sales, on the other hand, Neil Kashkari, President of the Federal Reserve Bank of Minneapolis, is also scheduled to speak.
Tuesday 25 April
Financial markets in New Zealand and Australia will remain closed for the ANZAC Day holiday, while Britain will publish reports on public sector borrowing, and in the United States will release several important data on consumer confidence in the US economy and other data on new home sales.
Wednesday 26th April
Australia is to release data on consumer price inflation, and Canada is to release numbers on retail sales.
Thursday 27 April
The Central Bank of Japan will announce the benchmark interest rate, in addition to publishing a statement on policies that determine economic conditions and the factors that affect monetary policy decision, and this announcement will be followed by a press conference, on the other hand, Germany will disclose preliminary inflation data in The euro area, and the European Central Bank will also announce the latest decision on monetary policy, and this announcement will be followed by a press conference with the President of the Bank, Mario Draghi, and in the United States, many important data will be released on the US economy, represented in initial jobless claims and claims Durable goods plus other data on existing homes.
Friday 28th April
Japan will publish several data on household spending and inflation, New Zealand will release a report on business confidence, on the other hand, Britain will release a report on the preliminary estimate of economic growth during the first three months of this year, while Germany will publish figures On retail sales, Canada will release many data on monthly economic growth, and the United States is also scheduled to publish preliminary figures on growth during the first quarter of this year in addition to issuing a report on manufacturing activity in the Chicago area and revised data on consumer confidence. .
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