What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Greenback leaps to 14-month maximum on geopolitical tensions
On Friday, the evergreen buck rallied versus other currencies, jumping to a 14-month maximum because political tensions suppressed the common currency and Turkish lira.
Estimating the US currency’s purchasing power against its several counterparts the USD index surged by 0.61% reaching 96.04.
Meanwhile, the Turkish lira went down to an all-time minimum versus the evergreen buck right after American leader announced he’d double duties on aluminum and steel from Turkey. The two countries are currently in a diplomatic conflict because of the detention of a US pastor in this Middle Eastern country.
Turkish leader Tayyip Erdogan brushed off worries, telling that it was an anti-Turkish campaign and urged the country’s citizens to exchange their US dollars and gold into lira.
The currency pair USD/TRY managed to rally by 15.02% being worth 6.3488, which is not far from an all-time maximum of 6.6170 recorded a bit earlier.
Additionally, the Russian ruble slumped too. The currency pair USD/RUB soared by 0.85% hitting 67.2560, which is its lowest value since March 2016. It took place after America slapped new sanctions against the Russian government for its alleged part in poisoning an ex- UK spy as well as his daughter in Great Britain.
The evergreen buck slumped versus the safe-haven yen. The currency pair USD/JPY dipped by 0.27% hitting 110.77. Traders are used to investing in Japan’s currency in times of uncertainty.
The lower Turkish lira managed to push the common currency down. The currency pair EUR/USD dipped by 0.88% hitting a 14-month minimum of 1.1426. As for the UK currency, it inched down. The currency pair GBP/USD decreased by 0.44% hitting 1.2770.
The Australian dollar slumped. The currency pair AUD/USD lost 0.88% being worth 0.7308. The currency pair NZD/USD dipped by 0.06% demonstrating 0.6609. The Canadian dollar dipped against the US currency. The currency pair USD/CAD soared by 0.31% hitting 1.3088.
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.
Read a short market wrap before trading today!
The United States will publish the non-farm employment change, also known as non-farm payrolls or NFP at 15:30 MT (GMT+3) time on August 6.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!