ONLINE FOREX BROKER
On Tuesday, the major Chinese currency managed to head north versus the evergreen buck after a report that American Treasury Secretary Steven Mnuchin had proceeded with negotiations with China Vice Premier Liu He.
On Monday, the Wall Street Journal informed that Mnuchin and Liu He had a telephone conversation the previous week.
What’s more, the WSJ stressed that the talk didn’t end up with any breakthrough as to trade conflict between the two leading economies.
American leader Donald Trump is expected to meet his Chinese President Xi Jinping later this month at the Group of 20 nations summit.
In addition to this, on Tuesday, Reuters informed that major state-owned Chinese financial institutions have been caught selling the American dollars in onshore spot foreign exchange market at about 6.97 CNY/USD for the purpose of stemming the Yuan dive.
As a matter of fact, the currency pair USD/CNY headed south by 0.14% being worth 6.9551.
As it has been reported, the People's Bank of China set the national currency reference rate at about 6.9629 in contrast with Monday's reading of 6.9476.
Moreover, the Japanese yen, which has a reputation of a reliable safe-haven asset, slipped versus the evergreen buck notwithstanding a tech-led dive on Wall Street overnight.
The currency pair USD/JPY managed to jump by 0.14% hitting 114.00. Resumed US-China trade optimism was considered to be the catalyst for the selling in Japan’s currency.
Estimating the evergreen buck’s purchasing potential against its primary peers the USD index went down by 0.2% reaching 97.35.
As for the currency pair GBP/USD, it has been diving for a third day due to the fact investors waited to see if British Prime Minister Theresa May would have her Brexit plan ditched, while the common currency sank to 16-months minimums in the face of greater fears on Italy’s budget.
AUD/USD and NZD/USD rallied by respectively 0.6% and 0.5%.
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.
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.
Reserve Bank of New Zealand (RBNZ) will reveal Official Cash Rate and make a statement about monetary policy on October 6, 04:00 GMT+3.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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