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Today's Forex News

USD/CAD retreats from multi-month top, eyes mid-1.3600s ahead of Canadian jobs data

The USD/CAD pair meets with some supply during the Asian session on Friday and erodes a part of the previous day's strong gains to 1.3700 neighbourhood, or its highest level since March 28. Spot prices currently trade around the 1.3670-1.3665 region, down 0.10% for the day, though the fundamental backdrop warrants some caution for aggressive bearish traders and positioning for any meaningful corrective slide.FX Street2023-09-08

USD/CAD Price Analysis: Defends 1.3650 resistance-turned-support ahead of Canadian jobs data

The USD/CAD pair comes under some selling pressure on Friday and reverses a part of the previous day's positive move to the 1.3700 neighbourhood, or its highest level since late March. Spot prices, however, manage to rebound a few pips from the daily low and trade around the 1.3665-1.3670 area during the first half of the European session, down less than 0.15% for the day.FX Street2023-09-08

USD/CAD retreats from multi-month top, eyes mid-1.3600s ahead of Canadian jobs data

The USD/CAD pair meets with some supply during the Asian session on Friday and erodes a part of the previous day's strong gains to 1.3700 neighbourhood, or its highest level since March 28. Spot prices currently trade around the 1.3670-1.3665 region, down 0.10% for the day, though the fundamental backdrop warrants some caution for aggressive bearish traders and positioning for any meaningful corrective slide.FX Street2023-09-08

Daily Forex News and Watchlist: GBP/CAD

Canada is printing its labor market numbers today! How do you think it will affect GBP/CAD's potential short-term reversal pattern?Babypips2023-09-08

EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Mostly Flat Ahead Of The Weekend

Trading is calm in the absence of major catalysts.FXEmpire2023-09-08

USD/CAD: A Hot Canadian Employment/Wage Report Sends the Loonie Higher

Canada's economy isn't quite ready to cool. The latest Canadian employment report showed hiring bounced back in August, doubling expectations.Action Forex2023-09-08

Additional News:

USD/CAD Dips on Solid Canadian Data but Broader Outlook Tied to US Inflation

USD/CAD slides in reaction to strong employment growth in Canada, yet the broader direction of the pair could be more closely tied to the forthcoming U.S. inflation report next week.DailyFX2023-09-08

USD/CAD cracks on upbeat Canadian labor market data

The USD/CAD pair faces an intense sell-off as Statistics Canada has reported better-than-anticipated labor market data. The Canadian labor market witnessed fresh additions of 39.9K payrolls in August, more than doubling the expectations of 15K.FX Street2023-09-08

USD/CAD Price Analysis: Defends 1.3650 resistance-turned-support ahead of Canadian jobs data

The USD/CAD pair comes under some selling pressure on Friday and reverses a part of the previous day's positive move to the 1.3700 neighbourhood, or its highest level since late March. Spot prices, however, manage to rebound a few pips from the daily low and trade around the 1.3665-1.3670 area during the first half of the European session, down less than 0.15% for the day.FX Street2023-09-08

USD/CAD retreats from multi-month top, eyes mid-1.3600s ahead of Canadian jobs data

The USD/CAD pair meets with some supply during the Asian session on Friday and erodes a part of the previous day's strong gains to 1.3700 neighbourhood, or its highest level since March 28. Spot prices currently trade around the 1.3670-1.3665 region, down 0.10% for the day, though the fundamental backdrop warrants some caution for aggressive bearish traders and positioning for any meaningful corrective slide.FX Street2023-09-08

Daily Forex News and Watchlist: GBP/CAD

Canada is printing its labor market numbers today! How do you think it will affect GBP/CAD's potential short-term reversal pattern?Babypips2023-09-08

USD/CAD: A Hot Canadian Employment/Wage Report Sends the Loonie Higher

Canada's economy isn't quite ready to cool. The latest Canadian employment report showed hiring bounced back in August, doubling expectations.Action Forex2023-09-08

USD/CAD Dips on Solid Canadian Data but Broader Outlook Tied to US Inflation

USD/CAD slides in reaction to strong employment growth in Canada, yet the broader direction of the pair could be more closely tied to the forthcoming U.S. inflation report next week.DailyFX2023-09-08

USD/CAD cracks on upbeat Canadian labor market data

The USD/CAD pair faces an intense sell-off as Statistics Canada has reported better-than-anticipated labor market data. The Canadian labor market witnessed fresh additions of 39.9K payrolls in August, more than doubling the expectations of 15K.FX Street2023-09-08

USD/CAD Price Analysis: Defends 1.3650 resistance-turned-support ahead of Canadian jobs data

The USD/CAD pair comes under some selling pressure on Friday and reverses a part of the previous day's positive move to the 1.3700 neighbourhood, or its highest level since late March. Spot prices, however, manage to rebound a few pips from the daily low and trade around the 1.3665-1.3670 area during the first half of the European session, down less than 0.15% for the day.FX Street2023-09-08

USD/CAD retreats from multi-month top, eyes mid-1.3600s ahead of Canadian jobs data

The USD/CAD pair meets with some supply during the Asian session on Friday and erodes a part of the previous day's strong gains to 1.3700 neighbourhood, or its highest level since March 28. Spot prices currently trade around the 1.3670-1.3665 region, down 0.10% for the day, though the fundamental backdrop warrants some caution for aggressive bearish traders and positioning for any meaningful corrective slide.FX Street2023-09-08

Daily Forex News and Watchlist: GBP/CAD

Canada is printing its labor market numbers today! How do you think it will affect GBP/CAD's potential short-term reversal pattern?Babypips2023-09-08

The Evolution of the Japanese Yen: A Historical Perspective

The Japanese yen, symbolized as JPY or ¥, is the official currency of Japan and a significant player in the global economy. Its history is a fascinating tale of economic development, strategic decision-making, and national identity. This article delves into the origins, development, and significant milestones of the Japanese yen.

The yen was introduced in 1871, during the Meiji era, as part of the modernization drive of the Japanese economy. Before this, Japan had a complex system of currency, with a variety of feudal domains issuing their own coins. The New Currency Act aimed to simplify and centralize this system, replacing it with a decimal-based currency, the yen. The yen was divided into 100 sen and 1000 rin, mirroring the European currency systems of the time.

The early yen was a gold standard currency, pegged to gold at a rate similar to that of the US dollar or the British pound. This was a strategic move to facilitate trade and integration with the global economy. However, the high value of the yen led to outflows of gold from Japan, causing economic instability.

In response to this, Japan abandoned the gold standard in 1931, following the trend set by the UK and the US during the Great Depression. The yen was devalued, and exchange controls were introduced to stabilize the economy. During World War II, the yen was further devalued, and the economy suffered from hyperinflation.

Post-war, the yen was pegged to the US dollar under the Bretton Woods system at a rate of 360 yen to 1 dollar. This fixed exchange rate system helped stabilize the Japanese economy and facilitated the country's post-war recovery and rapid economic growth. However, the Bretton Woods system collapsed in 1971, and the yen became a free-floating currency in 1973. This allowed the yen's value to be determined by the foreign exchange market, reflecting Japan's economic conditions more accurately.

The 1980s saw the yen strengthen significantly against the US dollar, a period known as the 'Endaka' or high-yen era. This was due to Japan's booming economy and large trade surpluses. However, the bubble burst in the early 1990s, leading to a period of economic stagnation known as the 'Lost Decade'.

In terms of physical currency, the yen has seen several changes. Coins come in denominations of 1, 5, 10, 50, 100, and 500 yen. The designs on these coins, featuring iconic symbols like the chrysanthemum and sakura blossoms, reflect Japan's rich cultural heritage. Banknotes come in denominations of 1000, 5000, and 10,000 yen, with a new series introduced in 2019 featuring prominent Japanese figures and cultural symbols.

The yen has also been influenced by significant economic events, such as the Asian Financial Crisis of 1997 and the Global Financial Crisis of 2008. These crises led to fluctuations in the value of the yen and prompted policy responses from the Bank of Japan.

Today, the Japanese yen is one of the most traded currencies in the world, reflecting Japan's significant role in the global economy. It serves not only as a medium of exchange within Japan but also as a safe-haven currency in times of global economic uncertainty.

In conclusion, the history of the Japanese yen is a testament to Japan's economic resilience and strategic adaptability. From its early days under the gold standard to its current status as a free-floating currency, the yen has continually evolved to meet the nation's needs. As we look to the future, it will undoubtedly continue to adapt and serve as a key player in the

Title: The Chinese Yuan: A Historical Overview

The Chinese Yuan, symbolized as CNY (¥), is the official currency of the People's Republic of China. Its history is deeply intertwined with the economic, political, and social evolution of China, one of the world's oldest civilizations and its second-largest economy.

The term "Yuan" dates back to the Mongol-led Yuan Dynasty (1271-1368), where it was used to refer to a round coin. However, the modern concept of the Chinese Yuan as a unit of currency began in the late 19th century.

During the late Qing Dynasty, China's traditional system of coinage, based on silver taels and copper-alloy cash coins, was increasingly challenged by the influx of foreign currencies brought by international trade. In response, the Qing government established the Shanghai Mint in 1896 and began issuing silver coins denominated in yuan, marking the first use of the yuan as a unit of account.

The 1911 revolution ended the Qing Dynasty and led to the establishment of the Republic of China. The new government aimed to modernize China's currency system and began issuing paper currency denominated in yuan. However, political instability led to a proliferation of different currencies issued by various regional banks and warlords.

The establishment of the People's Republic of China in 1949 marked a turning point in the history of the Chinese Yuan. The new communist government quickly moved to unify the currency system and established the People's Bank of China (PBOC) as the country's central bank. The PBOC began issuing a new currency, known as Renminbi (People's Currency), with the yuan as its primary unit.

The early years of the People's Republic were marked by economic instability and inflation, leading to several currency reforms. In 1955, a currency reform replaced the old yuan at a rate of one new yuan to 10,000 old yuan.

The Chinese economy was largely closed to the outside world until the economic reforms initiated by Deng Xiaoping in the late 1970s. These reforms marked the beginning of China's transformation into a market economy and led to significant changes in the management of the Chinese Yuan.

In 1994, a major reform unified the official and market exchange rates of the yuan, effectively devaluing the official rate and making the yuan more convertible under the current account. However, the yuan remained non-convertible under the capital account, with the government maintaining strict controls over capital flows.

The 21st century has seen the Chinese Yuan play an increasingly important role in the global economy, reflecting China's rising economic power. In 2005, China moved away from a fixed exchange rate system pegged to the U.S. dollar and adopted a managed float system based on market supply and demand with reference to a basket of currencies.

In 2010, China further loosened its capital controls, allowing greater use of the yuan in international trade and investment. This was part of a broader strategy to internationalize the yuan and reduce China's reliance on the U.S. dollar.

In 2016, the International Monetary Fund included the Chinese Yuan in its Special Drawing Rights basket, marking a significant milestone in the yuan's internationalization process.

Despite these reforms, the Chinese Yuan remains subject to capital controls, and its exchange rate is closely managed by the PBOC. This has led to tensions with trading partners, particularly the United States, which has accused China of manipulating its currency to gain a trade advantage.

In conclusion, the history of the Chinese Yuan reflects the broader economic and political history of China. From its origins in the late Qing Dynasty to its emerging role as a global currency, the Chinese Yuan embodies the economic transformations that have shaped modern China. As China continues to evolve, the Chinese Yuanwill undoubtedly continue to play a crucial role in the global economy, reflecting the strengths and challenges of this dynamic and rapidly changing nation.