
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 Friday, the American dollar was intact versus other currencies due to the fact that inflation numbers underpinned continued rate lifts from the key US financial institution.
Evaluating the purchasing potential of the greenback against several primary peers the USD index managed to head north by 0.01% coming up with a result of 96.56, which is not far from over a one-week maximum.
Eventually, the evergreen buck inched down versus its Japanese rival. The currency pair USD/JPY edged down by nearly 0.28% ending up with 113.74. As for the Canadian dollar, this asset headed south. So, the currency pair USD/CAD leapt by up to 0.27% demonstrating an outcome of 1.3189.
In October, the producer price index managed to rally by up to 0.6%, while core PPI headed north by 0.5% from September. By the way, core PPI happens to be a major indicator of underlying producer price pressures, without energy and food costs.
The higher-than-anticipated numbers back the Federal Reserve’s gradual rate increase policy, which helped to boost the evergreen buck. The key US financial institution decided to leave interest rates on hold on Thursday, exactly as anticipated, although the major bank was still on track to proceed with its gradual tightening.
This year the major bank increased American interest rates up to three times. Moreover, it’s also anticipated to make another rate hike in December.
Aside from that, the University of Michigan's consumer sentiment index headed south from 98.6 to 98.3.
The common currency and sterling went down suppressed by the stronger evergreen buck.
The currency pair dipped by 0.11% trading at 1.1351. The UK currency was volatile because of Brexit uncertainty. The currency pair GBP/USD lost 0.11% trading at 1.3048.
Besides this, the NZD/USD slumped by 0.01% showing 0.6754. AUD/USD declined by 0.15% trading at 0.7246.
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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