What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Greenback stands still on subdued American inflation report
On Thursday, the US currency was generally intact versus its counterparts. It’s because American economic report disclosed that the tempo of consumer prices speeded down in June, although this deceleration was pared by a dive in the Japanese yen in the face of relieving trade-war fears.
The USD index, gauging the greenback’s purchasing potential versus a group of six main currencies, declined by about 0.2% being worth 94.46.
On Thursday, the Labor Department told that its Consumer Price index soared 0.1% in June having rallied about 0.3% in May. It missed market experts’ estimate for a 0.2% soar.
However, it didn’t manage to affect optimism as for the American inflationary backdrop in the face of hopes that trade duties could ramp up the tempo of domestic inflation.
As follows from the latest reading on prices, inflation is still firm, with the risk to proceed with its growth due to the fact trade duties threaten to heavily affect global access to materials and also drive American inflation.
The evergreen buck’s slump was pared by a weakening yen because investor appetite for risk assets resumed in the face of the report that China and the United States were considering resuming trade negotiations.
According to Bloomberg, US as well as Chinese officials actually considered resuming the trade negotiations that could provoke a bilateral agreement, thus relieving worries as for the prospect of a full-fledged feud between the world's two major economies.
As a matter of fact, the currency pair USD/JPY tacked on 0.39% trading at Y112.43, USD/CHF edged up 0.54% being worth 1.0013.
The currency pair EUR/USD added 0.09% showing $1.1683, the GBP/USD gained 0.13% reaching $1.3222.
The currency pair USD/CAD declined 0.38% demonstrating C$1.3161, although sagging crude kept a lid on the Canadian dollar, backing the currency pair.
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.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!
The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).