Forex News - The US dollar ended last Friday's trading session with heavy losses against many other major currencies, and the dollar index fell by 0.61% to trade at 93.20 points, the lowest level in 11 months.
The index has incurred losses during the month of July so far, amounting to 2.3%, and since the beginning of this year until now, the index's losses have reached about 9%.
The US Department of Commerce announced on Friday that the US economy's growth rates rose by 2.6% during the second quarter on an annual basis, higher than the weak first-quarter level of 1.2% growth.
Meanwhile, the US Department of Labor released that the wage and salary rate increased by 0.5% compared to the first quarter, which recorded 0.8%.
The euro closed Friday's trading against the US dollar, gaining about 0.63% to trade at 1.1749, near its 30-month high of 1.1775, which it recorded last Thursday.
Throughout July's trading, the euro rose by about 2.85%, and since the beginning of this year the euro has gained about 11% so far, making the euro one of the best performing currencies this year so far.
While the US dollar fell against the Japanese yen, reaching its lowest level in six weeks, recording losses by about 0.5% and trading at the level of 110.68.
Later, we will explain the most important financial and economic events that are expected to occur, which affect the movements and trends of the markets during this week:
1. On Monday, July 31.
The euro area is awaiting many important forex news, represented by the release of preliminary data on inflation rates, and the German economy will announce on the same day a report on retail sales, and in China, important data will be announced on the activity rate of the manufacturing and service sectors, while in New Zealand, a report on rates will be revealed Business confidence. The United States is expected to release important data for the housing sector represented in pending home sales and other data on the rate of business activity in the Chicago area, and in Britain, data on net lending will be published.
2. On Tuesday, August 1st.
The Australian Central Bank is scheduled to announce its decision on interest rates, and the bank will publish the final statement of the meeting to find out the reasons that led to the bank’s decision. Its manufacturing index will be announced, as for the euro area, preliminary data on economic growth rates will be revealed during the second quarter of this year, and in Britain, data for the manufacturing sector will be revealed.
3. On Wednesday 2 August.
The British economy is due to release an important report on the construction sector, Australia will also release important data on building approvals and in New Zealand the quarterly jobs will be announced.
4. On Thursday, August 3rd.
Important forex news is that the US economy will release its weekly unemployment benefits report as well as factory orders, and the non-manufacturing PMI reading will be published.
In Australia, a report on the trade balance will be issued, and in Britain, the British Central Bank will announce the results of its meeting, and the Bank will announce its report on inflation rates during the second quarter of this year, and the meeting will be followed by a press conference for Bank President Mark Carney.
5. Friday, August 4th.
Both the Canadian and US economies will release their trade data, and they will also release their monthly non-farm payrolls report.
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