News Trade12 - The Greenback Bounces; Forex Weekly Outlook: September 28 - October 2
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The Greenback Bounces; Forex Weekly Outlook: September 28 - October 2


The US dollar (USD) gained against other major currencies on Friday following United States Federal Reserve Chairwoman Janet Yellen’s speech expressing her expectations of a rate hike still likely to transpire before the year ends.

On Thursday, Yellen indicated that the Fed policymakers are still looking forward to raise rates for the first time in nine years this 2015.

The USD will most likely benefit from higher interest rates as it will become more appealing to yield-seeking investors.

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The gain was also supported by a US data showing that the world’s largest economy had a faster growth rate than expected. According to the Commerce Department, the US Gross Domestic Product (GDP) for the second quarter bolstered 3.90 percent, greater than the 3.70 percent initial estimate.

Furthermore, consumer spending, which holds for more than 66 percent of the nation’s economic activity, also noted a remarkable boost of 3.60 percent, up from the August report of 3.10 percent.

JPY Weakens

Meanwhile, in Asia, the Japanese yen (JPY) began Monday’s session a little weaker as investors await the speech of Bank of Japan (BOJ) Governor Haruhiko Kuroda.

USD/JPY was up 0.07 percent, trading at 120.58.

Kuroda is to address a speech to business leaders in Osaka at 0530 GMT.

The US dollar index, which measures the greenback’s strength against a basket of six major currencies, declined 0.03 percent at 96.33.

Monday, September 28

New York Fed President William Dudley and Chicago Fed President Charles Evans will deliver their respective speeches at two different events.

Moreover, the US government will release a data involving personal income and spending, and also pending home sales.

Tuesday, September 29

US will present data on trade balance and consumer sentiment.

In the European region, Germany and Spain will publish initial report regarding their respective consumer price inflation (CPI).

The government of United Kingdom (UK) is to publish net private lending data while Canada is to release report on raw material price inflation.

Also, Bank of England (BOE) Governor Mark Carney will grace an event at London as a speaker.

Wednesday, September 30

Investors are on the look for Europe’s inflation report amid worries that the European Central Bank (ECB) might pursue quantitative easing in its monetary stimulus program.

Japan will show retail sales report while New Zealand will publish business confidence data.

On the other hand, Australia will report on building approvals.

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The revised US second quarter economic growth, the monthly ADP nonfarm payrolls report, and the manufacturing activity report in Chicago are all expected from the US.

Furthermore, Germany will show figures involving employment and retail sales. The entire Eurozone will publish report on inflation and unemployment rate.

In Canada, a monthly economic growth data will be issued.

Yellen is to speak in an event to be held at St. Louis.

Thursday, October 1

In Asia, Japan will release its latest reading of the Tanken index while Chinese markets will be closed for the country’s national day.

Data on manufacturing and service sector activity is expected from the China Federation of Logistics and Purchasing, as well as the Caixin services index. A revised interpretation of the Caixin manufacturing index will also be issued.

US will publish initial jobless claims report and manufacturing activity data to come from the Institute for Supply Management.

Meanwhile, Switzerland will release figures involving retail sales while the UK will report on manufacturing index.

Friday, October 2

The US government is anticipated to release its September jobs report, in which a strong data will heighten analysts’ expectations of a Fed rate hike to happen before 2016. Also, the US will report on nonfarm payrolls and factory orders.

Australia will report on retail sales while the UK will present its construction index.

Lastly, Chinese markets will remain closed for the nation’s holiday.

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