Manufacturing Data May Shake the USD
The United States will publish the ISM Manufacturing PMI on September 1, at 17:00 MT time (GMT+3).
Greenback approaches 16-month maximums
On Wednesday, the evergreen buck fluctuated near 16-month maximums versus its counterparts on data disclosing that the private labor market was still firm. However, profits were tamed by a soar in the British currency on expectations for a Brexit deal.
Tracking the purchasing power of the greenback against a pack of its key opponents the USD index surged by 0.11% being worth 96.90.
As for the labor market, for the month private payrolls inched up by 227,000, which is above the 218,000 recorded in September. It surpassed experts’ estimates of 189,000.
The positive private labor data appeared to be shocking to some financial analysts, who were expecting private-job gains to be squeezed by fallout from Hurricane Florence.
The firm profits in the private job market showed up two days ahead of the highly-anticipated government nonfarm payrolls report.
Profits in the evergreen buck were tamed by an uptick in the British currency after a letter by Brexit Minister Dominic Raab showed that the EU and the United Kingdom could come to a compromise on a Brexit deal by November 21.
However, the British pound gave up some profits versus the evergreen buck after British Prime Minister Theresa May's spokesman didn’t want to specify the Brexit deal date.
When asked about Raab’s letter May’s spokesman, he told that he they were eager to conclude the deal as soon as they can.
The currency pair GBP/USD headed north by up to 0.45% coming up with an outcome of $1.2763, although staying below session maximums of $1.2831.
The currency pair EUR/USD went down by 0.33% being worth $1.1306 suppressed by weaker-than-anticipated retail sales surge in Germany.
The currency pair USD/CAD rallied by 0.40% trading at C$1.3162 because the Canadian dollar struggled to leverage stronger-than-anticipated surge data from Canada.
The currency pair USD/JPY lost 0.10% showing Y113.02.
Similar
Will There Be Any Changes in US Monetary Policy?
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
How Will USD React to US Consumer Confidence?
What will happen? US consumer confidence will be announced at 5:00 MT (GMT+3) on Tuesday, July 27…
Latest news
Oil Reached 2018 Highs, German Elections Affect Euro
Commodities (iron ore, oil) and commodity-linked currencies (AUD, CAD) surged. West Texas Intermediate has reached $75 a barrel, while Brent rose to the highest mark since October 2018.
What Will Move the Market on September 27 – October 1?
Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…
Turkey has Decreased Interest Rates, But is it a Buy?
Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.
Deposit with your local payment systems
