Market updates on September 12
ECB meeting is on the agenda. Will the EUR get weaker?
Greenback slumps vs. euro ahead of G7 summit
On Thursday, the evergreen buck declined against most currencies of developed countries, including the common currency and the Japanese yen ahead of the G7 gathering at the level of heads of state and government in Canada.
The common currency hit $1,1805 in contrast with $1,1774 at the close of previous trading session. Previously, the euro managed to tack on nearly 0.5% in this pair and got to a peak of two weeks.
The surge of the common currency keeps backing the statements of the leaders of the EU’s key financial institution as for the likelihood of completing the quantitative easing program before the end of 2018.
Meanwhile, versus the Japanese national currency, the evergreen buck dived to about 110.04 yen from 110.18 yen.
Against the Japanese yen the euro demonstrated a reading of 129.88 yen versus 129.74 yen just the day before.
As for the ICE Dollar Index, it slumped about 0.1%.
As a matter of fact, the summit of the "Group of Seven" is expected to burst out on Friday in La Malba (Quebec, Canada). Moreover, it’s anticipated that one of its key themes are going to be the trade disagreements of six G7 participants with the United States because of American tariffs on steel as well as aluminum.
The evergreen buck found itself under pressure because the tension in trade matters seems to go up before the G7 gathering. Uncertainty over the outcome of the gathering is edging up. It is due to the fact that there’s a clear clash between the United States of America and other nations. That’s what some market experts uncovered.
By the way, Larry Kadlow, American economic adviser dared to call the given trade disagreement before the G7 highly anticipated summit a banal family quarrel.
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The British pound falls further ahead of the Cabinet meeting
The news that opposition lawmakers plan to stop Boris Johnson to leave the European Union without a deal increased the political uncertainties in the UK.
The market awaits NFP
The level of non-farm payrolls (NFP), also known as non-farm employment change will be published on September 6, at 15:30 MT time.
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5 important events this week will bring us!
Pay attention to the FOMC meeting, where the rate cut is expected. Also, it is recommended to keep an eye on the oil prices, updates on trade talks between the USD and China and, of course, Brexit.
Market updates on September 13
The retail sales for the US in focus today
"Buy the rumor - sell the fact" action for USD/TRY
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
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