Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
Aussie rebounds on expected wage surge
On Wednesday, the Australian dollar rebounded following sturdy wage price data.
The currency pair AUD/USD hit 0.7834, rising 0.15%, while USD/JPY showed 110.65, sliding 0.01%.
The US dollar index, tracking the US dollar’s strength versus a trade-weighted basket of six crucial currencies, didn’t change, demonstrating 93.75.
Overnight, the US currency traded higher versus a basket of global currencies, underpinned by retail sales data, which topped predictions, hinting at a rebound in consumer spending, driving expectations of firm economic surge in the second half of 2017.
On Tuesday, the Commerce Department told that the previous month retail sales went up 0.6%. It turned to be the largest revenue for seven months, concluding four-consecutive months of lower than expected surge.
Safe-haven jitters kept easing, as North Korean state media posted on Tuesday that leader Kim Jong Un had postponed his decision on launching missiles towards the American pacific territory of Guam. As follows from this his earlier threats might have been rhetorical.
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.