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On Tuesday, the evergreen buck slumped due to the fact that the key US bank started its two-day gathering, with many expecting the major financial institution to come up with a dovish outlook on monetary policy when the gathering concludes on Wednesday.
Assessing the purchasing potential of the American dollar in contrast with its main rivals the USD index decreased by 0.18% hitting 95.81.
With many traders arguing on an intact interest rate decision from the Fed, the major bank's summary of economic projections along with the so-called dot plot – demonstrating projections of where every Fed Chair expects the interest rates to be at certain points in the future -- are anticipated to attrack most attention.
American economic data has indicated a deceleration in surge, giving analysts grounds to suggest Fed members will probably tame their appetite for monetary policy tightening.
The Fed's dot plot uncovered at its December gathering, indicated two rate lifts were in the pipeline for this year, although with signs of an economic deceleration, experts actually expect the number of rate lifts on the “dot plot’ of estimates will dive to only one in 2019.
Notwithstanding hopes for a dovish Fed, American government bond gains have rallied, taming losses in the evergreen buck despite both the common currency and the UK pound moving off minimums of the trading session.
The currency pair GBP/USD surged by 0.14% hitting $1.3275 having reached a session minimum of $1.3241.
Meanwhile, the currency pair EUR/USD jumped by about 0.16% having dived to minimums of $1.1355.
The currency pair USD/CAD slipped by 0.18% hitting C$1.3310 as the Canadian currency gave up some gains after crude turned negative.
The currency pair USD/JPY stood still, keeping to Y111.38.
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.
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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.
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