What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Evergreen buck holds modest gains after American jobs report
On Monday, the evergreen buck managed to retain modest gains right after an American jobs report soothed fears of a steeper deceleration in the world's number one economy.
Friday’s data disclosed that nonfarm payrolls went up by a solid 196,000 last month, topping expectations and providing riskier assets with much-needed support.
Versus a pack of key counterparts, the USD index kept to 97.383 having soared 0.1% on Friday.
The evergreen buck’s profits were tamed because some components of the American employment report dropped a hint that the US economy wasn't already firing on all cylinders.
In March, wage gains had speeded down, with average hourly earnings heading north by just 0.1% having rallied by 0.4% in February. The moderation in wage surge backed the Fed’s decision to have further interest rate lifts suspended in 2019.
The China-US trade negotiations don't look to conclude any time soon and traders will shift their focus to Europe soon, as Brexit approaches its next milestone on April 12.
On Friday, Chinese and American negotiators wrapped up their latest round of trade negotiations and were expected to resume talks next week in an attempt to secure a pact, which would resolve a long-lasting tariff conflict.
The UK’s departure from the EU looms on April 12, although British Prime Minister Theresa May has asked Brussels to have the exit delayed until June 30 with minor progress being achieved towards Britain’s departure.
On Friday, the UK pound went down to a one-week minimum of $1.2987, as the Netherlands and France expressed doubt regarding May's plan to further postpone Brexit.
As for the common currency, it was intact, keeping to $1.1218 having slumped a bit versus the evergreen buck on Friday.
Versus the Japanese yen, the evergreen buck was a bit lower at 111.65 yen having tacked on to a three-week peak of 111.825 on Friday reacting to the American jobs report.
What will happen? US consumer confidence will be announced at 5:00 MT (GMT+3) on Tuesday, July 27…
The OPEC meeting and the US Nonfarm Payrolls rocked the market last week. The market is torn between optimism about the global economic recovery and concerns about the new coronavirus strains.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!