Market updates on September 12
ECB meeting is on the agenda. Will the EUR get weaker?
Evergreen buck goes down
On Wednesday, the evergreen buck declined, while the UK pound rallied in Asia because British Prime Minister Theresa May told that she’d ask the European bloc for an extension of the Brexit deadline.
As a matter of fact, the currency pair GBP/USD jumped by 0.2% hitting 1.3136.
Fears over a no-deal Brexit receded after May proposed cross-party negotiations with Jeremy Corbyn, the leader of opposition in order to break the Brexit logjam.
May emphasized that the extension would be as short as possible, probably before May 22, in order to set Britain free from participating in EU elections.
Besides this, the USD index tracking the US currency versus a group of other peers went down by 0.2% ending up with 96.768 against the backdrop of a deceleration in durable goods spending.
Furthermore, durable goods orders went down for the first time for three months, as data on Tuesday revealed, contributing to signs that the deceleration in the American economy at the end of 2018 could extend.
The currency pair AUD/USD tacked on by 0.4% being worth 0.7097. Eventually, on Tuesday, the Reserve Bank of Australia left interest rates on hold at 1.5% exactly as anticipated. In a statement, Australia’s major financial institution kept describing the outlook for household spending as an area of uncertainty for the Australian economy.
Previously, the Australian Bureau of Statistics informed that Australia’s retail sales headed north by 0.8% in February month-on-month, which appears to be the fastest tempo since November 2017, confounding hopes for a smaller leap of 0.3%.
Furthermore, data also revealed that trade surplus tacked on to an all-time maximum.
The currency pair USD/CNY declined by 0.2%.
Besides this, the currency pair USD/JPY hit 111.48, rallied by 0.2%.
Similar
The British pound falls further ahead of the Cabinet meeting
The news that opposition lawmakers plan to stop Boris Johnson to leave the European Union without a deal increased the political uncertainties in the UK.
The market awaits NFP
The level of non-farm payrolls (NFP), also known as non-farm employment change will be published on September 6, at 15:30 MT time.
Latest news
5 important events this week will bring us!
Pay attention to the FOMC meeting, where the rate cut is expected. Also, it is recommended to keep an eye on the oil prices, updates on trade talks between the USD and China and, of course, Brexit.
Market updates on September 13
The retail sales for the US in focus today
"Buy the rumor - sell the fact" action for USD/TRY
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
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