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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.
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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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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