Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
Australian dollar holds revenues in Asia after China industrial output soars
On Wednesday, the Australian dollar held slight revenues in Asia, after China posted better than expected industrial output. Additionally, market participants waited for fresh clues from the latest Fed policy review.
The currency pair AUD/USD demonstrated 0.7539, rising 0.03%, while USD/JPY hit 109.95, sliding 0.09%.
China posted that industrial output for May inched up faster than expected 6.5% on year. As for retail sales, they earned too, outperforming the expected 10.7%, while fixed-asset investment didn’t manage to surpass the expected 8.6%.
Meanwhile, New Zealand informed that its current account for the first quarter faced a deficit of about NZ$8.13 billion, which is wider than the deficit of NZ$7.28 billion observed and from NZ$7.11 billion last year.
The currency pair NZD/USD reached 0.7220, standing still.
The US dollar index, estimating the greenback’s value versus six leading currencies, dived 0.07%, trading at 96.90.
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.