Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
Sterling reaches day’s maximum after British GDP data
On Wednesday, the British pound grew to the day’s maximum after data unveiling that the British economy managed to pick up during the third quarter. It undoubtedly increased the chances of an interest rate lift by the Bank of England already next month.
The currency pair GBP/USD tacked on 0.31% being worth 1.3176.
As the Office for National Statistics informed, UK GDP ascended by 0.4% by September, gaining 0.3% in the previous quarter. Market experts had hoped it would keep to 0.3%.
On a year-over-year basis the British economy expanded 1.5%. It matched last quarter’s surge and above estimates for an expansion of about 1.4%.
Service sector output provided turned to be the cornerstone of the surge, expanding by approximately 0.4% on the quarter.
As for the manufacturing sector, it returned to growth too, with output ascending by 1.0%, although construction activity dived by 0.7% on the quarter.
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.
The United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
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.