Reserve Bank of New Zealand (RBNZ) will reveal Official Cash Rate and make a statement about monetary policy on October 6, 04:00 GMT+3.
Greenback stays low as trade feud worries loom
On Monday, the evergreen buck started in Asia morning at a minimum because worries of a global trade feud provoked a sell-off notwithstanding the previous week’s short-lived ascend when fresh Fed Chair Powell officially confirmed the tightening policy.
Estimating the greenback’s value versus a group of six crucial currencies, the US dollar index dived 0.02% being worth 89.93. The greenback was staying below the 90 mark on Monday morning.
Donald Trump’s tariff policy on aluminum and steel excited market participants around the globe because the administration emphasized there wouldn’t be any exclusion for any market partner. The evergreen buck has been going down since Trump uncovered the tariff update last Friday.
The currency pair USD/JPY headed south 0.26% showing an outcome of 105.47. It’s because the anti-risk Japanese yen managed to gain ground in the face of worries of a global trade conflict. The currency pair had been fluctuating in red and also hanging around the 105 mark. Bank of Japan’s chief Kuroda pledged to maintain Japan’s monetary policy and also expected to meet the inflation 2% objective by 2020.
The Australian dollar headed south 0.22% versus the evergreen buck, showing a result of 0.7746. Additionally, the sentiment-linked currency was suppressed by China’s mediocre Caixin PMI report. February’s PMI for the private service sector accounted for 54.2 compared to the expected outcome of 54.3.
Aside from that the People’s Bank of China dared to set the fix rate of the national currency versus the evergreen buck at 6.3431 compared to Friday’s rate of 6.3334. The currency pair USD/CNY inched down 0.26% hitting 6.3312.
In China, the National People’s Congress, which opened today is in focus. Premier Li Keqiang told that China is going to keep prudent monetary policy intact, while CPI along with GDP surge are targeted at approximately 3% and 6.5%.
United States Institute for Supply Management (ISM) will release services Purchasing Managers' Index (PMI) on October 5, 17:00 GMT+3.
Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).