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 grows versus yen having dropped on US political turmoil
On Monday, the major US currency ascended early Asia, drifting away from the four-month minimum versus the Japanese yen reached in the previous session on worries that White House personnel changes will affect Donald Trump's ability to pass tax reform as well as stimulus measures.
Market participants looked ahead to the Fed’s annual major banking symposium held in Jackson Hole, Wyoming, Thursday and Friday.
The evergreen buck gained 0.1% getting to 109.265 yen, having tumbled to 108.605 yen on Friday, which is its lowest reading since late April.
It definitely shrugged off the University of Michigan's consumer sentiment index that rose to its strongest value for seven months in August, showing confidence in the outlook for the American economy and also in personal finances because the American stock market holds close to record maximums.
Meanwhile, the single currency was intact on the day versus its key rivals at $1.1751 and 128.39 respectively.
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
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.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…