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On Thursday, the evergreen buck jumped to three-month peaks versus its counterparts against the backdrop of a dive in the common currency after the ECB came up with the alarm on euro-area surge and pushed back its hopes for a rate lift.
Gauging the greenback’s purchasing potential versus its major rivals the USD index shot up by 0.68% being worth 97.45.
The currency pair EUR/USD went down by 0.77% showing $1.1217 after the ECB pushed back its hopes for a rate lift to the end of 2019, diminished its surge objective for this year from 1.7% to 1.1% and also detailed fresh stimulus measures.
Mario Draghi, ECB governor came up with a dismal assessment of the euro zone economy, telling that a sizeable moderation in surge would proceed in 2019.
In addition to this, GBP/USD went down by 0.61% ending up with $1.3089 against the backdrop of worries that the Brexit deadlock will resume after the European bloc neglected Britain’s latest proposals on the Irish backstop.
In Brussels, British Attorney General Geoffrey Cox came up with the proposals, but they were neglected. The European bloc has provided Cox with time until Friday to have the revised proposals submitted, referring to remarks from European diplomats.
However, many experts have told that the March 29 Brexit deadline will be most probably postponed due to the fact Prime Minister Theresa May won’t win concessions from the European bloc that British lawmakers demand to vote in favor of her withdrawal agreement on March 12.
In addition to this, the currency pair USD/JPY headed south by about 0.19% concluding the trading session at Y111.54. As for USD/CAD, it soared by 0.11% showing C$1.3455.
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!
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
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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