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On Friday, the evergreen buck flirted with session peaks versus a group of key currencies, neglecting generally dismal American data, which pointed to signs of an economic deceleration.
Assessing the US dollar’s purchasing power versus its main peers the USD index managed to edge up by up to 0.35% hitting 96.37, which is below session maximums of 96.44.
The evergreen buck was still resilient in the wake of reports on inflation, manufacturing, and consumption, which did little to quash the narrative of a deceleration American economy.
The personal consumption expenditures price index, which is the Fed’s preferred inflation gauge, rallied by up to 1.9% excluding energy and food for the 12 months through December, which is in line with experts’ estimate.
February’s ISM manufacturing data disclosed a downtick to 54.2, confounding hopes for 55.5. An outcome above 50 in the ISM index points to an expansion in manufacturing that amounts to nearly 12% of the American economy.
Consumer spending, accounting for more than two-thirds of American economic activity, headed south by 0.5% in December.
The dive in personal spending actually represented the greatest dive since 2009.
The dismal data showed up several days after Fed Chair Jerome Powell praised the strength of the American economy, although he flagged some headwinds to surge, such as a weaker backdrop for the world’s economy.
The evergreen buck was also backed by a dive in the UK currency because investors took profits in the latter following steep profits during the week against the backdrop of soaring hopes that Great Britain will seek to postpone Brexit.
The currency pair GBP/USD went down by 0.40% reaching $1.3208. As for EUR/USD, it was intact sticking with $1.1370.
The currency pair UD/JPY rallied by 0.53% reaching Y111.97.
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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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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