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On Thursday, the major US currency rebounded from its unexpected dive following dismal economic data that sparked fears about the strength of the American economy and also backed the Fed’s intention to leave rates on hold in the nearer future.
Evaluating the purchasing potential of the key US currency against its primary rivals the USD index dived to 96.239 following the data prior to reviving to 96.391.
Without volatile items, new orders for durable goods tumbled suddenly in December. Meanwhile, business activity in the mid-Atlantic region demonstrated its outcome since May 2016, as follows from the Philadelphia Fed's monthly poll.
The data actually backs the Fed’s intention to stay patient with regards to interest rate lifts because it weighs surge headwinds, as minutes uncovered on Wednesday disclosed.
Besides this, investors were also awaiting developments on the US-China trade clash, with the world’s two leading economies reported to have already outlined commitments in such areas as services, intellectual property rights, agriculture and currency barriers to trade.
Versus its Japanese counterpart, the evergreen buck inched down. The currency pair USD/JPY declined by 0.17% hitting 110.65. Japan’s currency is normally sought by market participants as a safe haven in hard times.
In addition to this, the common currency rebounded from earlier maximums. The currency pair EUR/USD added 0.08% concluding the trading session at 1.1344 after the ECB told that near-term surge will be most probably weaker than anticipated.
As for the UK currency, it was intact. The currency pair GBP/USD showed 1.3048.
Aside from that, the currency pair AUD/USD dived by 1% reaching 0.7086 after Westpac bank forecast that the Reserve Bank of Australia would have rates cut twice this year. NZD/USD dipped by 0.6% hitting 0.6809.
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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