
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 Tuesday, the evergreen buck managed to trim profits versus its opponents, suppressed by a steep ascend in the UK currency on renewed expectations for a breakthrough in Brexit negotiations.
Gauging the greenback’s purchasing potential versus its main opponents the USD index surged by 0.02% demonstrating a reading of 95.43.
A rally in the UK pound put the evergreen buck on the back foot as investors welcomed a report telling that the EU and Britain demonstrated progress in Brexit negotiations weeks before the decisive EU Summit in October.
The European bloc and the United Kingdom were probably close to coming to a compromise as to divorce terms already on Monday, although some differences on the Ireland border were still an issue, as Dow Jones Newswire informed, referring to diplomats. The United Kingdom and the European Union are reportedly doing their best to agree on an outline of a future trade pact by November.
As a matter of fact, the currency pair GBP/USD managed to head north by up to 0.3% demonstrating a reading of $1.3129 having declined to $1.3033 intraday.
Eventually the rosier backdrop for Brexit negotiations is going to be enough to keep the UK currency bid for now, as some financial analysts pointed out.
The currency pair EUR/USD slumped by about 0.12% hitting $1.1478 because lingering worries over the budget issue between the European Commission and Italy kept the common currency on the back foot.
The currency pair USD/CAD went down by 0.05% reaching C$1.2958 because soaring crude prices backed the oil-price-sensitive Canadian dollar.
The currency pair USD/JPY went down by 0.12% trading at Y113.08 because US-Japan bond yield differentials were seen narrowing, backing Japan’s currency after the 10-year US Treasury yield rebounded intraday from a fresh seven-year maximum above 3.25%.
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.
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.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
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