Forex Today: USD looking strong, Turkish lira plunges, new trade tensions arise

  • The US dollar has been consolidating its significant gains after Friday's upbeat jobs report.
  • The Turkish lira is plunging after the president sacked the central bank governor.
  • Fed Chair Jerome Powell's all-important testimony is awaited.

Here is what you need to know to start your day:

- The USD is a tad low after enjoying significant gains following the excellent jobs report. The US economy gained 224K jobs in June, far above 160K expected and contrary to the early indicators
- The Fed may even refrain from cutting rates altogether according to some analysts. Trump said the Fed does not know what it is doing. Powell's testimony later this week is already causing tension.
- Japan slapped export controls on certain South-Lorean semiconductor materials, adding new trade tensions. The safe-haven yen is stronger.
- Bank of Japan Governor Kuroda reiterated that the bank will maintain the easing policy until the 2% inflation is reached.
- The Turkish Lira has plunged after President Erdogan fired the central bank governor on Sunday. He calls for easier monetary policy.
- Gold is stable at around $1,400 and WTI oil around $57.
- Cryptocurrencies are stable as well with Bitcoin around $11,500. It was a quiet weekend for a change.

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