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On Wednesday, the major US currency managed to pare back earlier profits. It’s because inflation data underpinned the Fed’s policy of lifting interest rates at a gradual tempo.
Indicating the greenback’s purchasing power versus its several key counterparts the USD index went down by approximately 0.27% coming up with 96.88.
As a matter of fact, Wednesday’s data showed that the annual core consumer price index or CPI for short managed to surge by up to 2.1%. The given outcome turned out to be less than anticipated.
By the way, core prices are considered by the Federal Reserve to be a better gauge of longer-term inflationary pressure due to the fact that they exclude the volatile energy and food categories. The US major financial institution normally tries to meet a 2% core inflation objective or less.
The evergreen buck stood still versus the Japanese currency. The currency pair USD/JPY was seen at 113.81. In addition to this, the Canadian dollar headed north. The currency pair USD/CAD dived by 0.03% coming up with a reading of 1.3235.
Apart from that, the UK currency tacked on following news that the European bloc and the United Kingdom have finally reached a draft pact on Brexit. Moreover, a statement from UK Prime Minister Theresa May is scheduled on 12:00 PM ET.
The currency pair GBP/USD surged by up to 0.25% being worth 1.3011
As for the common currency, it went up, although it was held back by a clash between Rome and Brussels over Italy’s budget. The matter is that the European Commision disapproved Italy’s 2019 budget due to the fact that it breaks EU fiscal regulations. However, Italy has stuck to its objective in a re-submitted draft budget.
The currency pair EUR/USD jumped by 0.19% trading at 1.1310.
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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