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.
Will the ECB monetary policy accounts affect the euro?
The ECB monetary policy accounts will be published at 14:30 MT time on November 21.
The monetary policy accounts are published one month after the interest rate announcement. Normally, the information is presented in two parts. The first one contains the latest developments of the Eurozone economy and the possible financial strategies to follow. The second one reflects the discussions that took place in the process of decision making and the reasoning behind the option that was chosen. Hence, we will see in detail why the interest rate was kept steady at 0% on October 24 and what the sentiment of the European monetary future is among the policymakers.
- If the ECB monetary policy accounts reveal a steady rate intention, the euro will rise;
- If the ECB monetary policy accounts reveal openness to further ease, the euro will drop.
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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.