Greenback goes down due to sugar-high economy

Greenback goes down due to sugar-high economy

On Friday, the major American currency declined, suppressed by diving American gains because financial experts had the firm third-quarter American economic surge downplayed on Friday, telling that the so-called "sugar-high" economy was braced for a bumpy road.

Gauging the American dollar’s purchasing power against a number of its primary rivals the USD index tumbled by 0.25% being worth 96.

In the July-September period, GDP of the United States managed to ascend at a 3.5% annual rate. That’s what the Commerce Department revealed in its preliminary estimate released on Friday. The given outcome topped experts’ forecasts for a 3.3% rally.

American bond gains inched down after the report, putting pressure on the evergreen buck.

Downbeat business investment dropped a hint that the boost in capex from tax trims as well as deregulation was probably front-loaded and disappearing rapidly. Traders keep expecting surge to speed down from this moment because the high sugar in consumer spending might decrease.  

The evergreen buck was also suppressed by a rebound in both the common currency and sterling from session minimums.

As a matter of fact, the currency pair GBP/USD surged by 0.12% hitting $1.2833 adding from a fresh two-month minimum of $1.2778. Eventually, the early-session pressure in the UK currency was attributed to soaring doubts about whether Great Britain and the EU can come to a compromise on a Brexit deal, against the backdrop of divisions within British Prime Minister Theresa May's Conservatives Party as to the best approach to have Brexit negotiations restarted.

The currency pair EUR/USD headed north by 0.18% showing $1.1385 leaping from a session minimum of $1.1336.

The currency pair USD/JPY dived by 0.35% hitting Y112.05.

The currency pair USD/CAD added about 0.08% trading at C$1.3083 because soaring crude prices backed the Canadian dollar.


What to Trade on August 29 - September 2?
What to Trade on August 29 - September 2?

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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