16.07 - is USD going to slide down again?
- by Anna K.
A very important and very turbulent day today, that we can say with no doubt at all. An abundance of reports and different economic and monetary information is coming out for all our favorite and major currencies and that is why it is doubtful that we are going to be able to trade without any pleasant and unpleasant shakes and changes.
EUR is facing 4 reports just like GBP, there is one reports for CAD and USD is just winning the race with a huge gap – American currency is going to see 10 reports, 4 of which are marked RED for high importance. What does that mean for the greenback?
Well, we all know that American economy is doing pretty good. Last week we saw a slide which is attributed to the statement that USD is not strong enough to withstand American trade war with China. But otherwise economic data from the country is nothing short of displaying American strength. Retail Sales m/m, Core Retail Sales m/m, Fed Chair Powell Speaks, FOMC Member Evans Speaks – this is what we are facing today and the most interesting of these major events is of course the speech of Jerome Powell as the previous Powell’s speech was the reason for the fall of the greenback. May I remind you that that was the fall that the greenback is still recovering from?
Well, right now the greenback is attempting a slight recovery which is a good thing but we still fear that USD is not going to withstand whatever it is Powell has to further add on the future of rate policy of the USA. If he talks about cuts once again there is a huge chance that we are going to see USD slide further down.