Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
British pound ascends after UK jobs
On Wednesday, the British pound went up to the day’s maximums versus the greenback after the latest British jobs report demonstrated that the unemployment rate went down to its lowest value since 1975 while wage surge tacked on.
The currency pair GBP/USD hit a peak of 1.2904.
The unemployment rate for the three months to June went down to 4.4%, as the Office for National Statistics informed, versus forecasts for it to stay intact at 4.5%.
Average weekly earnings inched up by 2.1% year on year for the three months to June, which is better than economists forecast for a leap of 1.8% as well as a jump from 1.9% for the three months to May.
Additionally, excluding bonuses, earnings grew by 2.1%, moderately better than predictions of 2%.
The report arose just a day after figures demonstrating that the annual rate of inflation in Great Britain suddenly stood intact at 2.6% in July.
With inflation still outstripping wage ascend households are still experiencing a squeeze on living standards.
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.