U.S. Dollar index rose after reports revealed that trump administration is planning to raise its tariffs on Chinese goods to 25 percent.August 1, 2018
U.S. Dollar index rose against a basket of six major currencies to end Tuesday’s session in the green at 94.52 after reports revealed that trump administration is planning to raise its tariffs on Chinese goods to 25 percent.
Moreover, investors will be keeping an eye on key economic data and central banks meetings during this week. Expectations shows that the solid U.S. economic data is going to keep the Fed on track for another two interest rate hikes this year.
In economic news, the U.S. CB Consumer Confidence which measures the level of consumer confidence in economic activity came at 127.4 besting expectations and the previous reading that came at 126.5 and 127.1 respectively.
The Federal Open Market Committee members are scheduled to vote on where to set the interest rate later today; the expectations shows that the committee is going to keep the interest rate flat at 2 percent.
Moreover, the United States Department of Labor is going to release its monthly non-farm payroll; expectations shows that the figure will show 193,000 jobs created lower than the previous reading that came at 213,000.
In Eurozone, the Euro fell against the Greenback to end the session in the red at 1.1690 EURUSD after reaching highs of 1.1746.
In the economics space, the German unemployment change which was expected to show a 10,000 decrease in the number of unemployed people decreased by 6,000. Moreover, the European CPI is came at 2.1 percent higher than the expected 2 percent.
Meanwhile, in the U.K., the Great British Pound fell against the U.S. Dollar to end the session on negative notes at 1.3121 GBPUSD, Investors will be keeping an eye on BoE interest rate decision as it’s widely expected to raise interest rates for the second time since the 2008 financial crisis.
Furthermore, the U.K. Manufacturing Purchasing Managers Index is scheduled to be released later today expectations shows that the figure will come at 54.2 slightly lower than the previous reading of 54.4.
In terms of safe-havens, the Greenback rose against the Japanese Yen to trade at 111.84 USDJPY after the Bank of Japan kept rates extremely low for an extended period as expected. Moreover, the Swiss franc fell to close at 0.9901 USDCHF.
Regarding the precious yellow metal, Gold fell slightly on Tuesday’s session to trade at 1223.75 XAUUSD pressured by a stronger U.S. Dollar.
Elsewhere in Canada, the Greenback fell against the Loonie to end the session lower at 1.3004 USDCAD supported by the Canadian GDP for may which came at 0.5 percent higher than expectations of 0.3 percent.
In Asia, both the Aussie rose against its U.S. counterpart to end the session in the green at 0.7425 AUDUSD while, the Kiwi fell to close at 0.6816 NZDUSD.
Regarding Cryptos, Bitcoin, Litecoin, and Ethereum fell sharply against the Greenback to end the session in the red 7662 BTCUSD, 75.92 LTCUSD, and 429.22 ETHUSD.