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On Wednesday, the evergreen buck and the Japanese yen were nearly intact in Asia because investors were still cautious against the backdrop of the Brexit uncertainty as well as trade tensions between American and the European Union.
The Japanese yen gained some support, backed by escalating US-EU trade conflict and also the International Monetary Fund's bearish update on global surge.
Eventually, the safe-haven currency pared some of its profit. Versus the evergreen buck, it last traded at 111.14, losing 0.03%.
On Monday, reports told that the EU and America could be set to slap tit-for-tat levies on each others' experts. America told it could be imposing levies on $11 billion worth of European experts. Responding to that move, the European bloc told it’s ready to come up with countermeasures.
Besides this, assessing the greenback’s purchasing power versus a number of its main rivals the USD index was generally intact, sticking with 96.637.
By the way, investor sentiment was further affected today right after the IMF reduced its 2019 American surge outlook from 2.5% to 2.3% in January and reduced its 2019 global surge outlook to 3.3% that happens to be the lowest outcome since the financial downtime.
Looking ahead, traders’ focus will be on an ECB meeting as well as the publication of minutes of the Fed’s last policy gathering.
British lawmakers voted ahead of a Brexit summit meeting on Thursday to accept Prime Minister Theresa May's plan to postpone the UK’s departure from the EU to June 30.
The currency pair EUR/USD stood still, showing 1.1260. Meanwhile, the currency pair GBP/USD rallied by 0.1% being worth 1.3069.
In addition to this, the currency pairs AUD/USD and NZD/USD gained respectively 0.2% and 0.1%.
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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