Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
Aussie and Kiwi ascend after Australian data
On Thursday, the Australian and New Zealand dollars inched up versus their American counterpart, following the issue of sturdy Australian employment data, while dovish minutes from the Fed’s latest policy meeting put pressure on the US currency.
The currency pair AUD/USD rallied 0.15% hitting 0.7938, of a more than one-week maximum of 0.7950 reached overnight.
The Australian Bureau of Statistics announced that the overall number of employed folks surged by 27,900 the previous month, confounding expectations for a 20,000 ascend. In June, the number of workers grew by 20,000, and this data was updated from a previously assessed 14,000 leap.
In July, the unemployment rate reached 5.6% tumbling from June’s reading of 5.7%. That’s basically line with market hopes. June’s figure was upwardly updated from a previously evaluated rate of 5.6%.
The currency pair NZD/USD tacked on 0.12% trading at 0.7322, having reached a one-week maximum of 0.7335 overnight.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
The United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.