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On Wednesday, the evergreen buck headed north, while the Canadian dollar went down after the Bank of Canada left interest rates on hold as anticipated.
Estimating the greenback’s purchasing potential versus its major rivals the USD index tacked on by about 0.1% concluding the trading session at 97.41.
The currency pair USD/CAD managed to surge by up to 0.6% ending up with 1.3502 right after the Bank of Canada kept rates at 1.75%, referring to a dive in global surge activity because of trade worries.
Everlasting uncertainty related to trade clashes has undermined business activity and sentiment, adding to a synchronous deceleration across many countries.
Still, Canada’s major financial institution told it actually expects a surge in the country to pick up for the second half of 2019.
In addition to this, the common currency headed south due to the fact German business morale headed south in April. The currency pair EUR/USD tumbled by about 0.2% trading at 1.1197, approaching its lowest value since early March.
Trade pressure as well as fears about global protectionism are putting pressure on the European Union’s external position and also challenging its surge trajectory. As some financial analysts pointed out, they’re actually looking at underperformance relative to America for now.
Aside from that, the UK pound stood still. The currency pair GBP/USD came up with a reading of 1.2955 due to the fact expectations for a breakthrough on Brexit receded.
The evergreen buck decreased versus the safe-haven Japanese yen. The currency pair USD/JPY inched down by nearly 0.1% demonstrating an outcome of 111.72.
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.
Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.
Bank of Canada (BOC) will make a statement on December 8, 17:00 GMT+2.
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.
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