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The Chinese economic indicators have marked a positive start of today’s trading session. While the GDP growth came out in line with the forecast with a 6% increase, the level of industrial production greatly outperformed the anticipated figures, rising by 6.9% (vs. the forecast of 5.4%). Also, industrial production advanced by 5.4%. It may be a good sign about a final de-escalation of the US-China trade tensions.
The market showed an optimistic reaction to the news, resulting in the inflow of capital into the Chinese yuan.
USD/CNH has fallen to the lowest levels since the beginning of July. On the daily chart, the pair is targeting the support at 6.8478.
USD/JPY, on the other hand, is getting positive momentum. The pair has broken higher above the 110 level and now is testing the border of the uptrend.
The phase one trade deal between the US and China has brought the bullish momentum to the markets. However, experts suggest that the tensions are not over yet, mentioning US tariffs on Chinese goods that remain in place. Will we see future challenges for the Chinese yuan ahead?
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.
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
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.
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