The US Retail Industry Data Soared. How would USD and AUD Perform?
The retail sales data released by the United States of May was better than expected, which brought about a rise in US stocks as well as USD, while AUD and NZD fell.
USD/JPY Surged and AUD/NZD Declined Amid US Stock Slump
US stocks closed with the worst performance since the global sell-off in March, with all three major indices in heavy slump. The forex market was also affected, as the safe-haven greenback and yen climbed while Aussie and New Zealand dollars dropped.
USD/JPY Responded with Various Speeds in Times of Crisis
Citibank’s latest forex insight discussed the outlook of USD/JPY and compared the currency pair’s performance against the backdrop of 3 disastrous historical events, namely the Great Hanshin Earthquake on January 17, 1995, the Fukushima Nuclear crisis on March 11, 2011 and the 2020 coronavirus pandemic that triggered Abe's declaration of national emergency on April 16, 2020.