Evergreen buck extends losses

Evergreen buck extends losses

On Tuesday, the evergreen buck kept slumping for three sessions in a row because dovish remarks from a Fed representative put downward pressure on the US currency.

Estimating the purchasing potential of the American dollar versus its primary peers the USD index went down by 0.22% ending up with 96.52.

Cleveland Fed President Loretta Mester, traditionally considered to be one of the Fed key hawks, told that she would back decelerating the balance sheet normalization process.

Mester's remarks became part of a wider chorus from the Us major financial institution because recent indications of economic weakness, in particular the most impressive tumble in retail sales for nine years, have mad policymakers reverse their course from a previously more hawkish stance to tightening.

As for currency pairs, the British currency was underpinned by dollar weakness. Notwithstanding minor progress on plans for its escape from the EU, on Wednesday, British Prime Minister Theresa May is anticipated to meet  with EU commission president Jean-Claude Juncker against the backdrop of few expectations for any advances, the UK pound derived benefits from a firm employment report uncovered before the American market opens. As a matter of fact, the currency pair GBP/USD managed to surge by up to 0.83% being worth 1.3026.

As for the common currency, it also rallied versus the evergreen buck due to the fact that closely watched indicator of German economic sentiment demonstrated a better-than-anticipated improvement in the mood of eurozone’s leading economy. The currency pair EUR/USD jumped by 0.13% being worth 1.1321.

Dollar weakness also restricted the Japanese yen’s losses notwithstanding remarks overnight from Bank of Japan governor Haruhiko Kuroda. The told that the major bank was geared up towards ramping up stimulus in case the strength of the Japanese yen affected the national economy. The currency pair USD/JPY rallied by 0.08% showing 110.67.


What to Trade on August 29 - September 2?
What to Trade on August 29 - September 2?

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.

Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

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.

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