Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Evergreen buck is steady
On Friday, the major US currency was still steady, and the British pound dived a bit. Market participants are awaiting the speeches of the head of the Fed Jerome Powell as well as the Governor of the Bank of England Mark Carney.
As a matter of fact, Fed Chairman Jerome Powell along with Bank of England Governor Mark Carney is expected to take part in a panel discussion devoted to financial transparency and stability in Stockholm.
The US dollar index, traditionally employed for gauging the purchasing power of the greenback against its six main rivals, jumped by 0.03% being worth 93.75.
The exchange rate of the US currency turned to be frozen after the protocol of the previous gathering of the Federal Open Market Committee disclosed that further interest rate lift is nearly guaranteed. Nevertheless, the key US financial institution would like to keep the inflation rate above the target value for some time.
It was a shocking thing for traders who suggested that the Federal Reserve will raise interest rates and also tighten monetary policy in the nearer months. In March, the Fed had the interest rate lifted and forecast two more of its hikes by the end of the year. According to some forecasts the likelihood of another lift in the interest rate in June accounts for about 95%.
The evergreen buck ascended against its Japan’s counterpart – the currency pair USD/JPY managed to grow by up to 0.26% coming up with a reading of 109.52.
In addition to this, the UK currency dive a bit after the report that the British GDP surge for the first quarter was confirmed at about 1.2%. As a matter of fact, the currency pair GBP/USD headed south by 0.10% hitting 1.3365.
Additionally, the currency pair EUR/USD gained by 0.01% demonstrating 1.1719.
The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.
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.
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