Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
Australian dollar holds jobs data gains on China’s upbeat GDP
On Thursday, in Asia, the Australian dollar held revenues after jobs data. Additionally, major Chinese data on GDP as well as industrial output underpinned market sentiment of continued firm demand from a leading export destination.
The currency pair AUD/USD hit 0.7851, ascending 0.06%, USD/JPY reached 113.00, gaining 0.05%, while EUR/USD showed an outcome of 1.1802, tacking on 0.13%.
As for the US dollar index, tracking the US currency’s strength against six key currencies, it slumped 0.05% hitting 93.25.
China’s third quarter GDP pleasantly surprised traders with a 1.7% leap on quarter as well as 6.8% surge on year.
As for Japan’s trade balance, it demonstrated a surplus of about ¥670 billion, which is wider than September’s ¥560 billion surplus.
Besides this, Australia posted jobs data with 19,800 employees added versus 15,000 under employment change anticipated. It enabled the unemployment rate to sink to 5.6% to 5.5%.
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.