
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
On Monday, the evergreen buck reached a four-month maximum versus the Chinese yuan, although it was lower against the Japanese yen as well as Swiss franc due to the fact that the escalating trade conflict between China and America backed bids for ‘safe-haven’ assets.
The evergreen buck managed to hit 109.73 yen, sliding about 0.2% from late Friday, and having slumped to 109.60 overnight. It turned out to be a bit higher than the three-month minimum that the currency pair reached on Friday as a fresh round of American levies on Chinese imports came into effect.
The greenback reached a fresh four-month maximum versus the Chinese yuan of 6.8654 overnight.
Over the weekend, American leader initiated a process to have tariffs on all remaining untouched Chinese goods levied 25%, although the two leading economies kept negotiating, avoiding an all-out breakdown of the negotiations.
As some financial analysts pointed out, it was quite logical that any deal to have the dispute clarified is going to be postponed and global surge in the second quarter could be affected.
It represents a considerable change compared to market hopes for a deal signed this week. In fact, trade uncertainty doesn’t appear to be the market’s friend, and this makes investors take a more cautious stance in the nearer future, notwithstanding the better economic data of late.
Gauging the evergreen buck’s purchasing power versus its six key rivals the USD index hit, standing still from Friday due to the fact weakness against safe havens was compensated by a tumble versus risk proxies such as the Australian and Canadian dollars.
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.
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.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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