
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
On Tuesday, the evergreen buck slumped due to the fact that market participants waited for news from the key US bank’s latest policy gathering.
The measures utilized to gauge the purchasing potential of the key American currency against a number of its main rivals the USD index went down by 0.14% ending up with 96.41 following an overnight maximum of 96.63.
With the Federal Reserve generally anticipated to have rates increased by up to 25 basis points for the fourth time in 2018 on Wednesday, market participants will be closely watching for any fresh remarks from Fed officials on probable policy changes next year.
Fed representatives, including Fed Chair Jerome Powell, have already told that interest rates are approaching neutral. What’s more, they’ve become more cautious about the major bank’s tightening policy against the backdrop of worries of decelerating global surge.
By the way, American leader has several times criticized the US main financial institution for lifting interest rates. On Monday, Trump told that it was incredible that the Federal Reserve is currently planning another interest rate lift.
Versus the safe-haven Japanese yen the evergreen buck declined. As a matter of fact, the currency pair USD/JPY went down by 0.3% being worth 112.51.
Meanwhile, the UK currency managed to leap. The currency pair GBP/USD tacked on by up to 0.35% demonstrating a reading of 1.2661. As for the common currency, it was backed by the lower greenback. The currency pair EUR/USD surged by 0.2% trading at 1.1372.
In addition to this, the currency pair NZD/USD managed to leap by approximately 0.8% coming up with an outcome of 0.6861. The currency pair AUD/USD jumped by about 0.3% trading at 0.7197. Additionally, the Canadian dollar dived. The currency pair USD/CAD soared by 0.08% hitting 1.3417.
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.
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.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
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