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On Monday, the evergreen buck slumped to a two-and-a-half week minimum because market participants pulled back ahead of the Fed’s meeting a bit later in the week.
The major US financial institution is anticipated to keep rates intact at its latest policy gathering on Wednesday, although its update on rate estimates is going to be closely watched.
Measuring the purchasing power of the key US currency versus its primary peers the USD index went down by 0.1% ending up with 95.958.
Recent downbeat economic data could result in loosening monetary policy. The major US bank has told it’s going to be patient and review data before lifting rates in the nearer future.
Market participants currently expect no interest rate lifts in 2019, as follows from Investing.com’s Fed Rate Monitor Tool.
Wednesday’s gathering appears to be the start of major bank decisions, with the Bank of England as well as Swiss National Bank anticipated to meet on Thursday. As for Russia’s key financial institution, it will meet on Friday.
Versus the safe-haven Japanese yen, the evergreen buck inched up. As a matter of fact, the currency pair USD/JPY rallied by about 0.1% coming up with 111.57.
As for the UK pound, it went down due to the fact British Prime Minister Theresa May is struggling to push her Brexit bill through the country’s parliament for the third time, even as experts expect her to fail once again. Well, if she fails to push it through once again, she’ll be bound to ask the EU to have the March 29 deadline extended. The currency pair GBP/USD went down by 0.4% ending up with 1.3242.
The currency pair AUD/USD jumped by 0.2% being worth 0.7093. The currency pair NZD/USD surged by 0.2% showing 0.6855. As for the Canadian dollar surged. The currency pair USD/CAD gained 0.01% hitting 1.3330. The currency pair EUR/USD managed to jump by 0.2% trading at 1.1341.
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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