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On Friday, the common currency is trying to revive following Thursday’s battering right after the ECB downgraded its surge estimates and failed to persuade financial markets with its initiative for stabilizing the EU economy.
Financial analysts told that notwithstanding the fact the EU’s major financial institution had attempted to get ‘ahead of the game’ with its announcement, but the ECB had only managed to draw attention to the lack of progress in the EU at addressing its structural and institutional flaws.
As a matter of fact, the common currency was worth $1.1206, adding 0.3% from the two-year minimum it reached after ECB Governor Mario Draghi’s press conference. Overnight, it had reached a minimum of $1.1175 that appears to be its lowest outcome versus the evergreen buck for two years.
The common currency also tumbled versus the UK pound notwithstanding a flurry of downbeat headlines around Brexit that generally tend to impact the UK currency.
Tracking the purchasing power of the US currency versus a number of its primary counterparts the USD index was worth 97.428, diving from an overnight peak of 97.595, that turned out to be its highest value since May 2017.
The ECB’s estimate validated market worries of a global economic deceleration, and they were further underpinned by data overnight disclosing a steep dive in China’s exports in January.
Financial markets will look to the monthly American payrolls report just to make sure that all three leading economic blocs aren’t struggling now. Moreover, market participants are also waiting for January data on industrial output from three of the biggest four Eurozone economies – Spain, Italy, and France, while Germany is going to uncover manufacturing orders data for the same month.
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.
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
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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