Last week witnessed many important forex news, as the euro ended last Friday's trading, rising to its highest level in six months against the US dollar, supported by the rising expectations that Emmanuel Macron will win the French presidential elections, despite the strong US jobs data for the month of April, The Euro rose against the Dollar to close at 1.0998, the highest since the beginning of November.
The latest opinion polls, prior to the second round of the French presidential elections, indicated the lead of the centrist candidate, Emmanuel Macron, over his rival, Marine Le Pen, who supports the secession movements from the European Union.
On Friday, the US Department of Labor released its monthly report on US jobs in the non-farm sector, and it showed the addition of about 211,000 jobs, exceeding the expected by about 185 thousand, and the unemployment rate decreased to reach 4.4%, the lowest in ten years, and the average earnings rose during April by about 0.31 TP2T compared to March, which scored about 2.66%, and this data supported the growing expectations of raising US interest rates during the next June meeting.
On the other hand, the US dollar rose against the Japanese yen by 0.22% at the close of trading on Friday, to trade at the level of 112.71, approaching its highest level in seven weeks, which was recorded last Thursday at 113.044.
[banner-group name='bannerforex']The US dollar index fell, losing about 0.19%, to trade at 98.53 points, rising from its lowest level in six months at 98.411 points, which was recorded in the same session, as a result of the strong data on US jobs.
Over the course of last week's trading, the dollar index incurred losses by about 0.37%, recording the fourth consecutive weekly decline.
During this week: attention is directed towards the results of the French presidential elections, which will change the trends and movements of the markets during this week. Investors are also waiting for the US economy to release a set of important data on inflation rates and retail sales, and its positive results will support expectations of raising interest rates during the next month's meeting, on the one hand. Others will focus on the central bank meetings in Britain and New Zealand.
Here are the main forex news this week:
Monday 8 May
Britain will release important data on house prices, China will release data on business activity, while the Australian economy will release data on business confidence and building approvals.
Tuesday 9 May
Dallas Reserve Bank President Robert Kaplan is expected to make several statements in Dallas, Australia will publish its data on retail sales, and in Canada it will release data on building permits.
Wednesday 10 May
It is expected that the President of the European Central Bank, Mario Draghi, will address the Dutch House of Representatives in the Netherlands, in which he will talk about the future monetary policy of the eurozone.
In the United States, data on import prices will be released, while in China, important data on inflation rates, represented in the consumer and producer price index, will be announced.
Thursday 11 May
The British Central Bank is scheduled to announce the decisions of its regular meeting on its monetary policy, and the minutes of its meeting will also be published. On the same day, the New Zealand Central Bank will release the results of its meeting on interest rates, followed by a press conference by the Bank’s president.
Switzerland will release a report on inflation rates, Canada will release data on house prices, and in the US it will release its weekly jobless claims report as well as the producer price index.
Friday, May 12th
On this day, investors will focus on US data represented in retail sales, consumer prices and confidence rates, and in Italy the finance ministers and central bank heads of the Group of Seven will meet.
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