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On Friday, the UK pound revived in Europe trade from Thursday’s buffeting when the EU admitted only a minimal extension of the deadline for Brexit.
Eventually, the currency pair GBP/USD was worth 1.3144, having slumped below 1.31 on Thursday because the risk of a disorderly no-deal Brexit rallied. As for the common currency it has also revived versus the evergreen buck getting to $1.1388, soaring from Thursday’s minimum of $1.1346.
Gauging the purchasing value of the American dollar in contrast with its main peers the USD index accounted for 95.722, tumbling from a maximum of 96.088. It appears to be 0.2% lower than it was before the major US bank announced the outcomes of its policy gathering on Wednesday.
The European Union gave the UK Prime Minister just a week to have her twice-defeated Withdrawal Agreement passed through the country’s legislative body. If Theresa May doesn’t manage to do it, and if the British parliament fails to agree an alternative course of action, which would convince the European blco to change its mind, then Brexit will occur on April 12 without any legal transitional deals in place to guarantee trade as well as investment flows.
The Brexit drama will most likely overshadow flash purchasing manager indexes.
In addition to this, Russia is going to round off a busy week of major bank meetings. Markers generally hope that the CBR won’t change its current major rate at 7.75%. However, the strength of crude prices along with the Fed’s looser stance on American monetary policy, might have created some space for a surprise cut.
The Russian ruble is currently at a seven-month maximum versus the evergreen buck - 63.74.
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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