Every week we expect many interesting events that can shake the market.
Dollar index slides to three-year minimums
On Monday, the evergreen buck dived to fresh three-year minimums versus a currency basket because demand for the common currency kept being supported by speculation that the ECB is about to scale back its huge stimulus program.
Assessing the greenback’s value versus a basket of six key currencies, the US dollar index hit 90.51, having dived to 90.39 overnight, which is a reading not observed since December 2014.
The currency pair EUR/USD reached 1.2214 having hit a new three year maximum of 1.2239 overnight.
The common currency has edged up since last Thursday’s December ECB minutes told that officials could move to a gradual shift in policy guidance from the first quarter of 2018.
Obviously, any shifts in the bank’s guidance would be perceived by traders as a sign that policymakers are about to start winding down their bond purchasing stimulus program.
Against the Japanese yen the greenback dived to its lowest reading since mid-September, with USD/JPY trading at 110.73 having declined to 110.58.
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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.