What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Greenback moves down
On Tuesday, the American dollar dipped having soared earlier in the day and re-approached the one-year maximum of 95.44 recorded on July 19.
Assessing the purchasing power of the greenback against a pack of its main counterparts, the USD index lost 0.02% hitting 95.17.
Market participants are assured that recent trade clashes between China and America might be supporting the evergreen buck because duties might narrow the American trade deficit.
There’s still everlasting uncertainty on the duties. No one knows for sure how much is going to be implemented and what negative consequences it can bring.
At the same time, the Australian dollar managed to add a bit versus its American rival. Eventually, the currency pair AUD/USD jumped by 0.08% reaching 0.7394 right after the Reserve Bank of Australia decided to leave its overnight rate on hold at a record minimum of 1.50%. Australia’s key financial institution stressed that it left its policy intact due to the fact low rates kept backing the Australian economy. Moreover, the major bank told that it actually expects inflation to rally next year and also in 2020.
Furthermore, the Japanese yen managed to jump versus the evergreen buck. The USD/JPY headed south by 0.08% reaching 111.32 on Tuesday because it struggled to hold onto profits in recent weeks. The previous week the currency pair tacked on to 112.0.
On Thursday, Japan and America are anticipated to have bilateral trade negotiations in Washington.
The currency pair USD/CNY gained 0.06% hitting 6.8590. Additionally, the onshore Yuan has approached its lowest value since May last year. On Friday, the offshore Yuan reached a 15 month minimum versus the evergreen buck because trade dispute between America and China escalated.
On Tuesday, the PBOC had the national currency reference rate set at about 6.8431 in contrast with yesterday’s close of 6.8519.
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!