Evergreen buck rallies on China-US trade clashes

Evergreen buck rallies on China-US trade clashes

On Tuesday, the evergreen buck moved up versus other currencies due to the fact that China-U.S. trade relations worsened.

Estimating the US dollar’s purchasing power versus its several primary counterparts the USD index climbed up by nearly 0.12% trading at 95.23.

On Friday, American leader came up with a threat to slap levies on nearly all China’s goods. The extent of this shocking move actually amounts to $467 billion.

At the same time, China intends to ask the WTO for the official permission to slap sanctions on American in compliance with a WTO meeting agenda. The Chinese government is going to place its request next week. It’s going to be a response to Trump’s remarks. Earlier Chinese officials had told they would respond to any trade moves from America.

Hopes for a Fed rate lift in September also assisted to push the evergreen buck up. Another upbeat news was the Job Openings and Labor Turnover Survey that unexpectedly turned out to be better than anticipated.

The evergreen buck moved up against the safe-haven yen. Eventually, the currency pair USD/JPY rallied by up to 0.31% coming up with an outcome of 111.45. In times of uncertainty, a great number of traders are prone to investing in Japan’s currency, traditionally considered to a reliable safe asset during difficult periods of risk aversion.

The common currency declined suppressed by the strengthening evergreen buck. The currency pair EUR/USD went down by 0.06% hitting 1.1586. The UK pound dived too, following news that Bank of England Governor Mark Carney decided to stay on until January 2020, which is 6 months longer than he initially intended to serve. The currency pair GBP/USD lost 0.21% being worth 1.2999.

Meanwhile, the Australian dollar dived. The currency pair AUD/USD slumped by 0.28% trading at 0.7094. Simultaneously, the currency pair NZD/USD dived by 0.32% hitting 0.6504. As for the Canadian dollar, this currency jumped versus the evergreen buck. USD/CAD slumped by 0.16% trading at 1.3143.



What to Trade on August 29 - September 2?
What to Trade on August 29 - September 2?

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.

Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

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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