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On Friday, the evergreen buck soared versus other key currencies, reviving from the previous session’s losses because traders wait for the highly-anticipated American employment report due later in the day for further clues on the strength of the US job market.
The greenback went down after on Thursday payrolls processor ADP reported that American private employers generated up to 158,000 jobs in June, which is below economists' expectations.
According to a separate report, the previous week initial jobless claims suddenly grew by 4,000 to 248,000.
The data emerged after Wednesday’s minutes of the Fed’s June gathering demonstrated a lack of consensus among Fed policymakers as for the outlook for inflation and how it could affect the future pace of interest rate lifts.
At its June meeting the Fed lifted rates and hinted at one more rate lift in 2017 and also three next year, although the subdued inflation outlook has since driven doubts over whether the major US bank will be able to keep to its tightening path or not.
The currency pair EUR/USD dipped 0.09%, hitting 1.1413.
The currency pair USD/JPY jumped 0.46%, trading at 113.74, which is the highest outcome since May 16.
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.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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