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As the Brexit situation does not become any brighter, the British pound suffers, too. The British Prime Minister Theresa May is expected to step down from her post by the end of June. This fact does not reduce the risks of a no-deal Brexit due to the lack of certainty in the final divorce deal with the EU.
However, today the GBP may be supported. The news that Theresa May will make the proposal for her deal at 17:00 MT has pushed the cable to the resistance at 1.2822. If she announces significant changes today, it will rise higher. On the other hand, if she fails again it will slide below the 1.27 level. The next support will lie at 1.2603.
The stochastic indicator has formed a crossover in the oversold and RSI has tested the border of the oversold zone.
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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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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