The biggest event in the world is occurring right now in Qatar. 32 national teams are contesting the FIFA World Cup, drawing in audiences in the billions. With so many eyes on the games, it could be argued that it is a forex market-moving event. With this hypothesis in mind, let us review some of the recent games played over the weekend and see how they match up with recent moves in the forex market. Please note this article is intended to be a bit tongue-in-cheek and that the performance of a country's team in the World Cup is likely not fundamentally tied to the performance of their respective currencies.
Brazil won 2 goals to nil against Serbia on Friday. As of writing, the Brazilian reel is now up by more than 1 percent against the US dollar.
Australia won 1 nil against Tunisia on Saturday. Unfortunately, this information has not shown in the Australian dollar, which is down by ~0.80% against the US dollar. Perhaps this is because the win was lucky, with Tunisia beating the Socceroos in possession and shots at goal.
Japan lost 1 goal to nil against Costa Rica on Sunday. As of writing, the Japanese yen is down by ~0.60% against the US dollar.
Poland won 2 goals to nil against Saudi Arabia on Sunday. As of writing, the Polish Zloty is up against the US dollar by about 0.1%.
France won 2 goals to 1 against Denmark on Sunday. As of writing, the cross-rate Euro/Danish Krone is up marginally at +0.005%.
Argentina won 2 goals to nil against Mexico on Sunday. As of writing, the Argentine peso is down by 0.25% from the US dollar, joining the Australian dollar in bucking the general trend that has emerged here.
Today, Canada lost 4 goals to 1 against Croatia. As of writing, the Canadian dollar is down by ~0.50% against the US dollar.
The next games that involve the major forex pairs include the USA on Wednesday against Iran, with the USA the favourites to win, and England against Wales, also on Wednesday, with England the favourites to win. After this we have Australia against Denmark on Thursday, with Denmark the favourites to win, and France against Tunisia, with France the favorites to win.