Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
Aussie edges up in Asia backed by China party congress
On Wednesday, in Asia, the Australian dollar grew, with the opening of China's party congress offering few economic cues in the highly anticipated speech by President Xi Jinping. He told that the market will play a crucial role in the Chinese economy.
The currency pair AUD/USD rallied 0.09% being worth 0.7852, USD/JPY hit 112.16, sliding 0.04%. As for EUR/USD, this currency pair showed an outcome of 1.1770, jumping 0.03%.
Gauging the greenback’s value versus a basket of six key currencies, the US dollar index tumbled 0.03% being worth 93.33.
Overnight, the US currency traded higher versus a basket of main currencies underpinned by economic reports, which topped hopes that point to underlying strength in the American economy.
The greenback found itself on track for a fourth-straight trading session of profits after a bunch of positive economic reports raised expectations that the American economy is already demonstrating a sturdy quarter of surge.
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.
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.
Every week we expect many interesting events that can shake the market.