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On Thursday, the evergreen buck shot up a bit after dovish minutes from the US major bank in the previous trading marathon provoked an abrupt dive in the US currency.
Monitoring the evergreen buck’s purchasing power against its primary peers the USD index strengthened by 0.20% ending up with 94.97.
Minutes from the Federal Reserve’s December gathering revealed that a lot of policymakers want rates to stand still in 2019, backing hopes that there will be no interest lifts this year. Eventually, the dovish tone drove the greenback down to a nearly three-month minimum of 94.63.
As some financial analysts pointed out, the evergreen buck has completely run out of things to make it keep soaring.
They added that the key US financial institution has informed them that they're at or near a point where the major bank intends to cease interest rate lifts. Experts actually foresee the boost they saw to the American economic surge in 2018 will undoubtedly fade away.
In addition to this, market participants are also closely watching remarks from Fed Chair Jerome Powell. The given statesman is expected to deliver a speech at 12:45 PM ET at the Economic Club of Washington.
The common currency declined because of the soaring evergreen buck. As a matter of fact, the currency pair EUR/USD decreased by 0.17% being worth 1.1522. As for the UK pound, it was strained too due to the fact that Brexit woes keep dampening investor sentiment. Eventually, the currency pair GBP/USD went down by 0.3% being worth 1.2750.
The Canadian dollar decreased having slumped to a maximum of 1.3247 on Wednesday because the Bank of Canada kept rates on hold. The currency pair USD/CAD shot up by 0.26% trading at 1.3241.
Additionally, the Australian dollar ascended. The currency pair AUD/USD went up by about 0.15% hitting 0.7181.
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.
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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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