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On Tuesday, the evergreen buck went up, while the common currency dived as data disclosed that the German economy speeded down last year and market participants were waiting for the outcomes on the parliamentary vote on Britain’s withdrawal from the European bloc.
Surge in the German economy speeded down to 1.5% in 2018, which appears to be the slowest tempo of surge for five years. Eventually, the data contributed to worries over decelerating global surge due to trade war clashes with America.
The currency pair EUR/USD went down by 0.67% trading at 1.1397.
Gauging the evergreen buck’s actual purchasing power against a number of its primary peers the USD index soared by 0.56% being worth 95.73. The currency pair USD/JPY went up by 0.37% trading at 108.56.
The evergreen buck was also backed by the news that China would implement more stimulus measures responding to a sudden dive in the Asian country's exports in December. The given measures should help to soothe investor worries over decelerating global surge.
Still, the evergreen buck has gone down for recent weeks due to the fact that market participants expect the major US financial institution to cease its rate of monetary tightening in 2019.
The UK pound headed south due to the fact that British Prime Minister Theresa May’s Brexit pact is mostly anticipated to lose a parliamentary vote later in the day. The likelihood of a no-deal Brexit is actually soaring because the United Kingdom is anticipated to abandon the EU on March 29. As a matter of fact, the currency pair GBP/USD went down by 0.78% being worth 1.2763.
The risk sensitive Australian as well as New Zealand dollars stood still. The currency pair AUD/USD went down by 0.03% being worth 0.7191. The currency pair NZD/USD decreased by 0.04% reaching 0.6815.
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.
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
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.
Every week we expect many interesting events that can shake the market.
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