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On Thursday, the UK currency managed to go up on reports that British Prime Minister Theresa has come to an agreement with the EU on financial services.
The currency pair GBP/USD jumped by up to 0.69% being worth 1.2854. EUR/USD added nearly 0.3%.
As the Times informed on Thursday, May and the EU finally reached an agreement on a long-awaited pact, which would provide British financial services companies with continued access to EU markets after Brexit.
In addition to this, the Chinese Yuan managed to inch up versus its US rival due to the fact the People's Bank of China set the national currency’s reference rate at 6.9670 in contrast with yesterday’s reading of 6.9646.
On Wednesday, China’s leader Xi Jinping told that the Chinese cabinet requires taking steps to withstand recent changing economic situation because downward pressure is going up. His remarks showed up after Wednesday’s data disclosed that the Chinese manufacturing sector expanded at a slower tempo in October.
On Wednesday, the Chinese Yuan hit its weakest value since the global financial downtime crisis, ending up with a reading of 6.9748 per dollar.
As some financial analysts pointed out, even if they observe clear indications that China’s major financial institution opposes a depreciation of the renminbi, but the depreciation pressure isn’t actually receding.
Nevertheless, market experts are still assured that China’s key bank won’t abandon the psychologically crucial 7 mark with great ease. It could provoke a capital flight, which would make it all the more difficult for the Asian country’s leaders to retain financial stability.
In addition to this, the currency pair AUD/USD rallied by 0.8%. Moreover, the Caixin China manufacturing PMI that managed to stay above the key 50 threshold for up to 17 months, was cited as backing the Australian dollar.
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.
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
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.
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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