How to trade the JPY?
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Greenback soars ahead of NFP report
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.
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What to Trade on August 29 - September 2?
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.
Latest news
Market Crash Incoming?
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
What Currency Will Overperform?
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
Investor Positivity May Fade After Powell's Speech and CPI Release
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
