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On Wednesday, the evergreen buck declined because the Japanese yen kept to a two-month minimum due to the fact that market participants had the latest trade reports digested.
Estimating the American dollar’s purchasing power versus its main rivals the USD index declined by 0.07% being worth 94.16.
The evergreen buck dived after the Chinese government told on Tuesday about its retaliatory duties that targeted over 5,000 American goods worth $60 billion. Eventually, the fresh levies would come true on September 24, as China’s Ministry of Finance informed in a statement. China’s commerce ministry also came up with a complaint to the WTO against America.
The current presidential administration previously told that America would slap duties on another $267 billion of extra imports if China responds.
Trump told that China is trying to affect and change the US position by attacking American ranchers, farmers, ranchers as well as industrial employees due to their loyalty to me. US leader added that China won’t be able to stop real US patriots.
Meanwhile, Japan’s currency, widely considered to a safe haven asset during tough times, headed south to a two-month minimum of 113.18 earlier in the trading session due to the fact financial markets took comfort from the news that the fresh American levies were set at about 10% for now rather than the previously anticipated 25% duty. Additionally, the currency pair USD/JPY pair hit 112.35, diving 0.03%.
It feels like the financial markets had already priced it in after the news that US leader is on the verge of slapping fresh duties.
In addition to this, the Chinese Yuan revived a bit following the news, although still keeping to a three-week minimum. The currency pair USD/CNH inched down by 0.12% coming up with an outcome of 6.8552.
The AUD/USD managed to jump by 0.3% hitting 0.7239. NZD/USD added 0.3% reaching 0.6596.
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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