
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 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.
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.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
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.
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