The past week witnessed many important forex news, as the US dollar rose against the majority of major currencies at the end of trading on Friday, while the pound continued its sharp decline after the failure of the Conservative Party led by the current Prime Minister “Theresa May” to achieve the majority required to re-form a new government.
It is noteworthy that the US currency had recorded, earlier this week, its lowest level in seven months, as a result of escalating political fears in the United States, ahead of the testimony of “James Comey,” the former director of the Federal Bureau of Investigation, and ahead of the general elections in Britain.
The British pound continued to decline sharply against the US dollar, recording the level of 1.2746 at the close of trading, and earlier in the week it recorded its lowest level in about two months at 1.2634.
However, the British currency found some support from reports that May was stepping up her efforts to strike a government deal backed by the Northern Ireland Democratic Party, known as the Democratic People's Party.
On the other hand, the euro fell against the US dollar by 0.13 %, recording the level of 1.1194, and this came after the European Central Bank cut its inflation expectations within three years, indicating the need for the continuation of monetary policies stimulating the European economy.
The US dollar fell against its Canadian counterpart by 0.3 % to reach the level of 1.3468 at the end of trading, and this came after local data was released and interest rates were raised sooner than expected.
During this week, investors are awaiting with great interest many important forex news, the most important of which is the release of the last decision of the Monetary Policy Committee of the Federal Reserve regarding the interest rate, which is scheduled for Wednesday, and expectations have been widely indicated that the US Central will achieve raising the interest rate for the second time during the current year. Global markets Central bank meetings in Britain, Japan and Switzerland.
Here are the top forex news this week
Monday 12th June
Australia's financial markets are scheduled to be closed for public holidays in the country.
Tuesday 13th June
Australia will publish private sector data on business confidence, the United Kingdom will publish the monthly inflation report, the ZEW Institute will release a report on economic sentiment in the German business climate, on the other hand, the United States will reveal many Important data on producer price inflation.
Wednesday 14 June
China is to publish its data on industrial production and fixed asset investment, Britain is to publish the monthly employment report, and in the United States will be released retail sales and inflation figures, the Federal Reserve monetary policy committee is also scheduled to release its latest decision today. Regarding interest rates, the Council will also announce its latest forecast for economic growth in addition to interest rates known as the “point plan.” This announcement will be followed by a press conference by Council President Janet Yellen.
Thursday 15 June
New Zealand will release its quarterly GDP data, while Australia is scheduled to publish the monthly employment report, on the other hand, the Swiss central bank will announce the interest rate in addition to issuing its latest monetary policy assessment, and in Britain it is due to Retail sales numbers will be disclosed, and the Bank of England will announce the benchmark interest rate as well as publish a statement on policies that determine economic conditions and factors that affect monetary policy decision, and in Canada will publish several data on manufacturing sales, from which On the other hand, the US will release several important reports on unemployment claims, industrial production and import prices, in addition to other data on the manufacturing PMI in New York and Philadelphia.
Friday 16 June
New Zealand is scheduled to publish several important data on manufacturing activity, and the Bank of Japan will announce the benchmark interest rate in addition to publishing a statement on its policy, and in the euro area, revised inflation data will be revealed, on the other hand, the United States is scheduled to conclude The United States' dealings this week by issuing many important data about building permits and the start of new homes, in addition to other data about consumer sentiment in the largest economy in the world.
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