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On Friday, the evergreen buck was generally steady versus the safe-haven Japanese currency, taking in stride the lift in American levies on China’s goods, which came into effect and waiting for the resumption of negotiations between top statesmen of the world's two leading economies.
American leader’s tariff lift from 10% to 25% on $200 billion of China’s exports kicked in on Friday, and the Chinese government told it would strike back, driving tensions as the two leading economies pursue last-ditch negotiations to try salvaging a trade deal.
Chinese and American statesmen are going to get back to the talks later on Friday.
As some analysts pointed out, the given tariff lift didn’t appear to be a surprise. The financial markets are currently eager to know if the two sides managed to come to a compromise or not.
The evergreen buck was nearly intact demonstrating an outcome of 109.720 yen.
The greenback that went down to a three-month minimum of 109.470 overnight, has gone down by 1.2% versus the Japanese yen this week.
However, as the financial markets had been bracing for the American levy hike, and also considering underlying demand for the US currency by Japanese institutional investors, the evergreen buck might not have much further room to go down.
Versus the Swiss franc, the evergreen buck dived a bit to 1.0140 having slumped by about 0.5% yesterday, when it hit a one-month minimum of 1.0122 francs.
The Japanese yen and franc are prone to attracting demand in times of market turmoil as well as political tension.
As for the common currency, it soared by 0.15% hitting $1.1229 having reached a one-week maximum of $1.1251 yesterday.
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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