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On Thursday, the American dollar managed to surge. It happened due to the fact that the number of folks who filed for first-time unemployment benefits reached a two-and-a-half month minimum.
Estimating the purchasing potential of the greenback versus a number of its main rivals the USD index inched up by up to 0.19% demonstrating a reading of 97.20.
The evergreen buck was backed after the US Department of Labor came up with a statement that the number of American citizens applying for initial jobless benefits for the seven days by December 8 went down by 27,000 hitting a seasonally updated outcome of 206,000.
In addition to this, the UK major currency managed to soar a bit because on Wednesday British Prime Minister Theresa May definitely survived a vote of no confidence. As a matter of fact, Brexit woes still persist notwithstanding the win, as it seems unlikely that her party is going to underpin her agreement with Brussels on departing from the European bloc in March.
The currency pair GBP/USD went up by 0.04% trading at 1.2635.
The evergreen buck managed to leap against Japan’s currency. So, the currency pair USD/JPY went up by up to 0.27% trading at 113.62.
As for the common currency, it slumped after European Central Bank Governor Mario Draghi warned against downside risks. As a result, the currency pair EUR/USD dived by 0.17% ending up with 1.1348.
As Draghi told, recent data had appeared to be weaker than anticipated. Additionally, he stressed that the outlook for economic surge was updated a bit downwards for this year and for 2019 to respectively 1.9% and 1.7%.
In addition to this, the currency pair NZD/USD dived by 0.07% hitting 0.6852. AUD/USD rallied by 0.08% trading at 0.7225. As for the Canadian dollar, it slipped. USD/CAD added 0.11% showing 1.3364.
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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