The head of the Federal Reserve Jerome Powell will testify on the Semiannual Monetary Policy Report on Tuesday and Wednesday
Evergreen buck tacks on ahead of Fed minutes
On Wednesday, the greenback surged because market participants waited for the latest gathering minutes from the key US bank, while the UK pound was suppressed by Brexit fears.
Estimating the purchasing power of the evergreen buck versus a number of its key opponents the USD index surged by 0.34% being worth 95.10.
The gathering minutes from the Federal Reserve is expected to be uncovered at 2:00 PM ET. At its September gathering the major US financial institution took a more hawkish position when it had its interest rates lifted and also removed the word “accommodative” from its stance.
Besides this, hopes for a rate lift in December are quite high, pointing to a likelihood of nearly 80%.
American leader Donald Trump kept criticizing the US key financial institution, telling on Tuesday that it turned out to be the country’s number one threat due to the fact that it was lifting interest rates too fast.
The previous week American leader dared to blame the key US bank for Wall Street’s most devastating sell-off since February.
In addition to this, in September building permits headed south, thus contributing to growing worries over the health of the American housing sector in the country’s steady economy.
The evergreen buck managed to surge versus its Japanese counterpart. The currency pair USD/JPY slumped by 0.12% being worth 112.10.
Moreover, the UK currency headed south because uncertainty over Brexit talks spooked market participants. The currency pair GBP/USD inched down by 0.39% coming up with a reading of 1.3132. The common currency slumped too. The currency pair EUR/USD dived by 0.40% hitting 1.1527.
The Australian dollar dipped. The currency pair AUD/USD lost 0.32% showing 0.7118. Besides this, the currency pair NZD/USD dipped by 0.06% trading at 0.6568. USD/CAD surged by 0.53% trading at 1.3002.
The United States will publish the non-farm employment change, also known as non-farm payrolls (NFP) at 15:30 MT time on February 7.
The level of non-manufacturing PMI for the United States by the Institute of Supply Management will be published at 17:00 MT time on February 5.
The Federal Open Market Committee will publish its meeting minutes on February 19, at 21:00 MT time.
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