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On Tuesday, the American dollar rallied to a 10-week peak versus a currency basket because escalating trade clashes drove fears of a deceleration in global economic surge, powering safe haven demand.
Tracking the evergreen buck’s purchasing potential against a number of its main opponents the USD index gained 0.13% being worth 96.47.
Demand for the US currency was still backed after Bloomberg told that the current US presidential administration is ready to slap duties on all China’s products by early December if negotiations next month don’t manage to soothe the trade clash between America and China.
Chinese President Xi Jinping and American leader Donald Trump are expected to meet during the G20 Summit in Argentina late next month.
The escalation in the trade conflict shows up against the backdrop of fears over a dismal earnings outlook for tech companies as well as the tempo of American interest rate hikes.
Japan’s currency, normally considered to be a safe haven in hard times, dived versus the green back. The currency pair USD/JPY rallied by 0.4% being worth 112.82 ahead of the Bank of Japan’s monetary policy verdict on Wednesday.
The common currency nearly stood still against the evergreen buck. Eventually, the currency pair EUR/USD showed 1.1366, which is not far from Friday’s 10-week minimum of 1.1335.
The euro has been suppressed by soaring political risk in the euro zone.
On Monday, Angela Merkel, German Chancellor told that she’s geared up to stepping down as party leader and also as the country’s chancellor because of the weekend’s dismal regional election outcomes.
An everlasting clash between Italy and Brussels over Rome’s budget has also put pressure on the common currency.
Furthermore, the UK pound was a bit lower. The currency pair GBP/USD lost about 0.11% trading at 1.2778.
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!
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
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.
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