Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
US currency nurses losses at 13-month minimums
On Thursday, the evergreen buck was nursing losses at 13-month minimums versus a basket of the other crucial currencies after the Fed’s fresh policy statement indicated that it might not lift interest rates again in 2017.
The US dollar index, tracking the US currency’s value versus a trade-weighted basket of six crucial currencies, reached 93.33, having hit a minimum of 93.00 overnight, which is the weakest outcome since June 2016.
This month the index has dropped approximately 2% so far and it has lost nearly 8% for the year to date.
On Wednesday, the Fed told that US inflation is still below its 2% objective even as near-term risks to the economic outlook are quite balanced. Previously, the major US bank ascertained that weakness in inflation should be regarded as transitory.
The more cautious tone on inflation powered worries that the Fed won’t hurry to lift rates before the end of 2017.
The greenback stood still versus the Japanese yen, with USD/JPY sticking to 111.23, which is not far from the five-and-a-half week minimum of 110.61 hit on Monday.
As for the common currency, it was a bit lower with EUR/USD demonstrating 1.1720, having soared to maximums of 1.1777 overnight, which is the strongest outcome since January 2015.
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
The central banks' meetings will highlight the week as well as the PPI release
Good Friday, traders! The markets are frozen ahead of today's NFP release at 15:30 GMT+2…
The USD weakened after Fed Chair Powell hinted at a slowdown of rate hikes, and stocks strengthened. What else is moving the markets today?