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On Wednesday, the New Zealand dollar headed south following dismal jobs data,which heightened expectations that interest rates would be decreased, as traders awaited the end of the Fed’s two-day policy gathering.
In general, trading was thin due to holidays in Asia and the European Union. The vast majority of currency pairs fluctuated in tight ranges.
The Fed gathering took place after firm American economic data in April pushed the evergreen buck to a two-year maximum.
Against a group of currencies, the USD index headed south demonstrating an outcome of 97.381.
The common currency managed to rally versus the evergreen buck reaching $1.1234, which appears to be its highest outcome since April 23. On Tuesday, firm economic data in the euro zone backed some short covering from hedge funds, which have been betting against the euro.
The New Zealand dollar turned out to be the day’s key mover. It headed south by 0.5% after data revealed that employment suddenly decreased in the March quarter. As for the jobless rate, it slumped to 4.2%.
Financial markets responded by betting that a rate cut was more real. However, the Reserve Bank of New Zealand, whose policy meeting is expected to take place next week, has already told that most probably its next move will be down.
The New Zealand dollar revived from earlier minimums. Last it decreased by 0.2% being worth $0.6663.
As for the Australian dollar, it tacked on by 0.1% reaching $0.7059.
Accommodative monetary policy worldwide has kept volatility contained across financial markets, while the demand for risky assets headed north.
The UK currency went up by 0.3% reaching $1.3074.
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.
Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.
Last week was super intense! Geopolitical turbulence made the Russian ruble the most volatile currency. Gold rose and fell by more than 8000 points each time.
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.
Every week we expect many interesting events that can shake the market.
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