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On Tuesday, the US currency rallied notwithstanding confidence among American customers dived to a one-and-a-half-year minimum in January.
As a matter of fact, the Conference Board’s consumer confidence slipped to its lowest value since July 2017 due to the fact the US government affected optimism.
Gauging the greenback’s purchasing potential versus its primary counterparts the USD index shot up by up to 0.09% ending up with a result of 95.507.
As some financial analysts pointed out, shock events, including government shutdowns are prone to having steep, although temporary, impacts on consumer confidence. It feels like January’s dive is more the outcome of a temporary shock rather than a precursor to a considerable deceleration in the nearer months.
Market participants are looking ahead to the approaching Fed policy verdict on Wednesday, exactly where the US key financial institution is anticipated to adopt a more cautious stance on monetary policy in the face of worries of economic deceleration in America and abroad.
Meanwhile, the UK pound headed south due to the fact that the British Parliament is anticipated to have a series of votes on Brexit amendments.
The United Kingdom is braced for departing from the European bloc on March 29. However, the members of the country’s legislative body are still far from agreeing a divorce pact, after the recent rejection of Prime Minister Teresa’s May’s Brexit plan this month.
The currency pair GBP/USD headed south by 0.08% ending up with 1.3149.
In addition to this, the common currency slumped. The currency pair EUR/USD went down by 0.11% being worth 1.1419.
As for the risk sensitive Australian as well as New Zealand dollars, they generally dived. The currency pair AUD/USD slumped by 0.22% hitting 0.7148, while NZD/USD stood still sticking with 0.6831.
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!
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.
Every week we expect many interesting events that can shake the market.
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