New Zealand Cash Rate will define the fate of NZD!
Reserve Bank of New Zealand (RBNZ) will reveal Official Cash Rate and make a statement about monetary policy on October 6, 04:00 GMT+3.
Euro is still high, as greenback slides
On Friday, the common currency was still high because the evergreen buck declined and trade worries didn’t recede.
The currency pair EUR/USD managed to ascend by 0.26% reaching 1.1633 because German and French business activity in June turned out to be higher than anticipated, relieving worries of a slowdown in the European Union.
The UK currency was also high too. The currency pair GBP/USD managed to ascend by 0.20% being worth 1.3268.
The USD index, used to estimate the greenback’s purchasing power against six key currencies, inched down by 0.19% demonstrating a reading of 94.36.
Trade tensions between America and its allies resumed because on Friday the European Union put tariffs on $3.4 billion of American imports, including whiskey, motorbikes, and jeans in response to Donald Trump’s aluminum and steel duties.
Responding to this EU’s move, Trump wrote on Twitter that if the European Union doesn’t remove the duties, the US government will have to impose a 20% duty on all their vehicles coming to America.
The duties have backed tensions because market participants are afraid of a probable fierce global trade conflict between America as well as other key countries.
The evergreen buck was also held back by a slump in the Philadelphia Federal Reserve’s manufacturing index, which took place on Thursday. The index went down to a one-and-a-half-year minimum, spurring worries as for the strength of the American economy.
The US currency dived versus the safe-haven Japanese yen. The currency pair USD/JPY dipped by 0.07% hitting 109.91. In times of uncertainty, market participants are prone to investing in the Japanese yen because it’s considered a reliable safe asset during tough periods.
In addition to this, the Australian dollar managed to ascend. The currency pair AUD/USD gained by about 0.65% reaching 0.7425,
Similar
What Will Move the Market on September 27 – October 1?
Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…
Turkey has Decreased Interest Rates, But is it a Buy?
Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.
Latest news
British inflation may send the GBP up
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
What will move the market on October 18-22?
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
Gold Skyrocketed, USD Dropped. What Drives The Market Today?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
Deposit with your local payment systems
