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On Thursday, the evergreen buck went up versus a group of key currencies suppressed by a diving common currency right after ECB Governor Mario Draghi warned that euro area surge was cooling.
Indicating the purchasing potential of the American dollar against its primary peers the USD index headed north by 0.55% ending up with a reading of 96.34.
Draghi stressed that the risks having to do with the euro area surge outlook have moved to the downside due to ongoing uncertainties.
The downtick in growth could be explained by a number of issues, such as geopolitical factors, the threat of protectionism, not to mention vulnerabilities in emerging markets as well as financial market volatility.
The dovish remarks showed up right after the EU’s key financial institution left its benchmark rate on hold, with Draghi stressing that interest rates could be kept lower for longer on the condition economic frailties in the region persist.
The currency pair EUR/USD headed south by 0.70% coming up with a reading of $1.1301.
The currency pair GBP/USD declined by 0.24% being worth $1.3036 due to the fact that downside momentum in the currency pair has been restricted by soaring hopes that Great Britain will avoid departing the European bloc without a trade agreement, even as experts urged caution.
Market experts at IBNP Paribas are assured that the British legislative body won’t be able to find a solution to the current issue, and that a second referendum is the most probable result.
The currency pair USD/JPY jumped by 0.06% trading at Y109.65 because demand for Japan’s currency on the back of US-China trade clashes, kept a lid on profits in the currency pair.
Wilbur Ross, Commerce Secretary affected investor sentiment by telling that America is far away from an agreement with China.
The currency pair USD/CAD rallied by 0.11% being worth C$1.3353.
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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