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On Monday, the evergreen buck managed to surge versus the common currency and UK pound, backed by the relative strength of the American economy, although moves were still minor because many traders were still away for the long Easter weekend.
Eventually, financial markets in Hong Kong, Australia as well as many key countries in the European Union are unavailable on Monday for the Easter holiday. Currency trading is on worldwide, although the volume is anticipated to be light.
The evergreen buck has gained support for the last time on the back of a gradual ascend in American 10-year Treasury gains as well as signs of strength in the world's number one economy, in particular, better-than-anticipated retail sales in March after a dismal start to the year.
The USD index last dived by 0.1% hitting 97.369, diving a bit having demonstrated a 0.4% rally the previous week.
The USD index was still within shocking distance of its 2019 maximum of 97.71 recorded in early March.
Traders’ immediate focus is going to be on American existing home sales for March, as they require further cues on the health of the American economy.
In February, American home sales managed to rally to their highest value for 11 months because the American housing market demonstrated renewed momentum after a pause in interest rate lifts by the major US bank.
The common currency declined a bit, hitting $1.1244, thus contributing to previous week's losses of about 0.5% after Thursday’s data revealed that activity in Germany's manufacturing sector went down for the fourth month in a row in April.
The UK pound slumped by 0.05 reaching $1.2994, diving below the $1.30 mark and also about 0.4% off a two-month minimum of $1.2945 recorded in March.
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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