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On Tuesday, the evergreen buck kept close to the maximum of seven weeks against the basket of other key currencies amid rising revenues of American Treasury bonds.
The US dollar index, which gauges the purchasing power of the American currency against the trade-weighted basket of six leading currencies, accounted for 90.70 having jumped to 90.84 at night, which is the highest value since March 1.
On Monday, the revenue of US ten-year government bonds managed to hit 2.998% after the outlook for inflation was added to the forecasts about accelerating of the rate of the Fed's interest rate increase.
The revenue of US ten-year bonds headed south a bit and was at the 2.960% position.
The dollar's exchange rate managed to peak for ten weeks against the Japanese yen. The currency pair USD/JPY tacked on by 0.15% coming up with 108.87 having soared by 0.83% on Monday.
Demand for Japan’s currency normally ascends in times of political or economic instability. With the increased confidence of investors, the rate of the Japanese currency is declining, which happened in the last trading session against the backdrop of receding geopolitical risks and tensions in international trade.
The common currency traded close to a minimum for seven weeks versus the evergreen buck. The currency pair USD/JPY traded at 1.2204, staying above the minimum of 1.2185 hit during the night trading.
The British pound headed south to a minimum for a month against the evergreen buck. The currency pair GBP/USD hit 1.3932 due to doubts that the Bank of England will lift the interest rate next month.
The previous week, the pound's rate rallied to a maximum from the moment of voting on Brexit in June 2016.
Another factor for the depreciation of the UK currency was the return of uncertainty about the outcomes of the Brexit negotiations before the report on the surge of the British economy for the first quarter to be uncovered this week.
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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