Last week witnessed a lot of important forex news, as the US dollar fell to its lowest level in about two and a half years against most of the other major currencies at the end of trading on Friday, and this came after doubts increased about whether the Federal Reserve would raise US interest rates for a third time. during this year.
The dollar index, which measures the strength of the performance of the US currency against a basket of six major currencies, decreased by 0.2 % to trade at the level of 91.31 late Friday trading, and the index had recorded its lowest level since January 2015 at 90.99 .
Over the course of last week's trading, the index witnessed a decline of 1.55 %, recording the largest weekly loss since late June.
The dollar’s decline comes under pressure from the decline in the possibilities of increasing US interest rates for the third time this year by the Federal Reserve, especially after many negative data about the US economy in addition to several cautious statements by some Fed officials about weak inflation levels in the country and its distance from Bank objectives.
The US currency is also facing a lot of negative pressures as a result of the increasing political tensions again on the Korean Peninsula, in addition to the state of concern about the strong hurricanes that the United States is currently witnessing and their negative impact on the American economy, especially since Hurricane “Harvey” that struck the country recently. He had left huge economic losses estimated at 180 billion dollars.
Also, concerns about political turmoil in Washington have affected the value of the dollar recently, which led to its significant decline, and this came despite “Donald Trump” reaching a surprising agreement with Democratic lawmakers in the US Congress on extending the US debt ceiling and continuing government funding until the fifteenth From next December, this agreement avoids the US government shutdown during the current month, which was a concern for investors in the financial markets.
During this week, global markets are awaiting many important forex news represented in the release of the US inflation report, scheduled for Thursday, in order to obtain any new hints regarding the future of monetary policy and the gradual increase in US interest rates by the Federal Reserve during this year.
Market participants are also awaiting with great interest the release of the latest interest rate decision and the minutes of the monetary policy meeting by the European Central Bank.
Here are the most important forex news on the economic calendar this week:
Monday 11 September
Japan is scheduled to release several important reports on core machinery orders, and Canada is to publish its report on new home starts.
Tuesday 12 September
Australia is to publish private sector data on business confidence, and the United Kingdom is to publish its monthly inflation report.
Wednesday 13th September
Switzerland is to release data on producer price inflation, Britain is to release its monthly employment report, and the United States is to release data on producer price inflation.
Thursday 14th September
Australia will publish its monthly jobs report, and in China, several important data on fixed asset investments are scheduled to be released, and during this day, the Swiss National Bank is also scheduled to issue its latest monetary policy decision along with announcing its latest forecast for economic growth. The British Central Bank will also issue its latest decision on the interest rate and publish the minutes of the monetary policy meeting.
Canada will present a report on the new house price inflation, and in the United States it is scheduled to publish many important data on the US economy, represented in consumer price inflation data in addition to other data on initial jobless claims.
Friday 15 September
New Zealand will release its data on the activity of manufacturing industries in the private sector, on the other hand, the United States is scheduled to conclude this week's trading by issuing several important economic reports on data on retail sales and industrial production and on the activity of the manufacturing sector in the New York region, in addition to other data about Consumer sentiment in the world's largest economy.
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