Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
Australian dollar slides after key bank holds steady as expected
On Tuesday, the Australian dollar went down in Asia after the latest review of interest rates was intact at a record minimum.
The currency pair AUD/USD showed 0.7633, sliding 0.34% after the bank’s verdict expected to hold at a record minimum 1.50%.
Australia also posted retail sales for May with a revenue of 0.6% month-on-month, thus surpassing the expected 0.2% soar.
The American currency jumped versus global currencies, buoyed by manufacturing data, topped experts’ predictions, contributing to hopes that the Fed would lift its benchmark rate later in 2017.
The American dollar managed to regain ground against its counterparts, after data revealed that in June manufacturing activity went up to a three-year peak, pointing to solid economic surge.
According to the Institute for Supply Management, its manufacturing index rallied to 57.8 the previous month from May’s outcome of 54.9.
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.