The markets opened today on a rather calm trading, as things are moving more slowly with the beginning of the new week, there is not much on the agenda today, and the German Ifo business survey for June is the most prominent event, as the German economy is faltering at the end of the second quarter and the report is supposed to reflect that.
On the other hand, the major currencies remain in narrow ranges, but if there is anything to watch, it is the USD / JPY pair, as it continues to move towards the 160.00 threshold again.
This may prompt the Japanese authorities to intervene to stop further depreciation of the yen, as the 160 levels are the red line that the Bank of Japan apparently set to intervene in the foreign exchange market to protect the local currency from excessive weakness.
Curbing the yen's losses for the time being, a summary of opinions at the Bank of Japan's monetary policy meeting this month, which stated that some policymakers called for a timely rate hike because they saw the risk of inflation exceeding expectations.
The overall risk mood will be one of the most influential drivers of trading sentiment with the start of this week's trading.
