
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 Friday, the evergreen buck ascended versus a pack of its rivals and reached a more than 14-month maximum versus the Chinese Yuan, with financial markets affected by concerns over soaring trade tensions between China and the United States.
On Thursday, China pledged to adequately respond if America would try lifting duties on this Asian country’s exports, after American leader instructed his trade officials to consider lifting duties to up to 25% from 10% on approximately $200 billion in China’s imports to America.
However, America imports far more products from China than this Asian leading economy imports from the USA. So, this trade conflict is far more dangerous for China’s economy.
Besides this, China's offshore Yuan that has been suppressed for months because of worries over the trade conflict with America slumped to 6.8975 per dollar, which is its lowest value since May of last year, before stabilizing at about 6.8888.
The Chinese government is eager to have the moderate weakness engineered, but it’s not easy to make it come true, as some financial analysts pointed out.
Estimating the greenback’s purchasing potential versus its several rivals, the USD index reached a two-week maximum of 95.211.
Meanwhile, the common currency approached a two-week minimum of $1.1591.
The evergreen buck stood still versus the Japanese yen, showing 111.70 yen. Japan and America are expected to hold their first bilateral trade negotiations on August 9 in Washington.
The Australian dollar, considered to be a proxy for Chinese surge due to Australia's export-reliant economy, struggled to ascend because China-US trade clashes overwhelmed upbeat retail sales data at home.
Australia’s currency hit $0.7370, which is a bit higher than a two-week minimum of $0.7355 hit yesterday.
The UK pound showed $1.3020 versus the greenback, drifting away from a two-week minimum of $1.3006 reached yesterday.
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.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
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.
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