What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Greenback keeps leaping on Fed rate lift
On Thursday, the evergreen buck jumped because the Federal Reserve had interest rates raised, exactly as anticipated.
Estimating the evergreen buck’s purchasing power versus its primary counterparts the USD index went up by 0.59% being worth 94.43.
On Wednesday, the key US bank had interest rates lifted by a quarter point to 2.25% on. That’s the bank’s third rate lift in 2018 and also the eighth since 2015.
While the rate lift didn’t appear to be a surprise, but it helped to spur the US currency because the key financial institution showed it expected to lift rates for a fourth time in December. What’s more, the key bank is willing to come up with three lifts next year and also in 2020.
The major financial institution didn’t utilize the word "accommodative" when illustrate its monetary policy stance, stressing that the change doesn’t show any change in its path toward improving its monetary policy.
Besides this, the evergreen buck rallied versus the safe-haven yen. The currency pair USD/JPY ascended by 0.50% trading at 113.28.
The common currency headed south to its one-week minimum in the face of worries that Italy’s fresh government would have to postpone a budget meeting scheduled for later in the day, reacting to reports of a row ahead of an emerging deadline to present the budget.
Market participants are also afraid that the government will consider increasing next year’s budget deficit that could make Italy conflict with the European Commission as well as traders who would like to see a deficit cut.
The currency pair EUR/USD reached 1.1669 having dived to 1.1685 previously, which is the lowest value since September 20.
The UK currency slumped because traders were still skeptical of Brexit talks the EU and Britain. The currency pair GBP/USD slumped by 0.46% hitting 1.3104.
What will happen? US consumer confidence will be announced at 5:00 MT (GMT+3) on Tuesday, July 27…
The OPEC meeting and the US Nonfarm Payrolls rocked the market last week. The market is torn between optimism about the global economic recovery and concerns about the new coronavirus strains.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!