Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
Aussie sags after RBA minutes rekindle worries on household debt
On Tuesday, the Australian dollar edged down in Asia because key bank minutes pointed to ongoing worries as for housing.
The currency pair AUD/USD hit 0.7839, sliding 0.17%, USD/JPY reached 112.12, decreasing 0.05%. The currency pair NZD/USD rallied 0.01% being worth 0.7170. As for EUR/USD, it sank 0.15% trading at 1.1777, GBP/USD descended 0.08% showing an outcome of 1.3241.
Measuring the US dollar’s strength against a six crucial currencies, the US dollar index grew 0.12% being worth 93.25.
Meanwhile, New Zealand posted CPI for the third quarter with a 0.5% jump versus a 0.4% profit observed on quarter and also at a 1.9% pace higher versus 1.8% anticipated on year.
According to the RBA meeting minutes, household debt levels were still elevated and should be watched closely. At the meeting the RBA held at a record minimum 1.5%.
The evergreen buck traded sideways because early session optimism on the back of positive manufacturing data relieved amid investor worries over disinflation after Friday’s inflation report.
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.