Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Greenback goes down, yen leaps on strengthening trade fears
On Wednesday, the evergreen buck headed south against a group of the other key currencies. It’s due to the fact worries over heightened trade tensions kept putting pressure on market sentiment around the globe.
The USD index, estimating the greenback’s purchasing potential versus a bunch of major currencies, inched down by 0.11% being worth 94.26, having soared by 0.45% on Tuesday, thus snapping four consecutive sessions of losses.
Relieving worries as for American trade policy had helped to spur the evergreen buck, although market participants were still cautious following further dips in Chinese equities and the Yuan overnight in the face of concerns over the prospect of a full-fledged trade conflict.
The major US currency was lower against the Japanese yen. As a matter of fact, the currency pair USD/JPY headed south by approximately 0.26% coming up with 109.76. It’s a common occurrence that the Japanese currency is often required by traders as a safe haven in times of geopolitical uncertainty and market turmoil.
As for the common currency, it managed to edge up versus the softer evergreen buck. The currency pair EUR/USD rallied by 0.16% reaching 1.1665.
In addition to this, the British pound was nearly intact. The currency pair GBP/USD showed 1.3228.
The UK currency concluded the previous trading session down nearly 0.43% versus the evergreen buck after incoming BoE policymaker Jonathan Haskel told there might be more slack in the British economy that would undoubtedly weaken the case for interest rate lifts.
The statesman added that the major bank has scope to have rates reduced a bit in case of an economic downturn
As for trade sensitive New Zealand and Australian dollars, they were suppressed. The currency pair AUD/USD declined to 0.7386, while NZD/USD dipped to a seven-month low of 0.6812 overnight.
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.
It’s Wednesday, my fellow traders! The day is filled with news and events you need to know, and here’re some of them.
Happy Tuesday, dear traders! Every day brings new opportunities to trade! Let’s see what you need to know: Today’s events 07…
The central banks' meetings will highlight the week as well as the PPI release