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Forex - Weekly Outlook: Sept 23 - 27

ForexSep 22, 2019 06:17AM ET
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© Reuters. - Investors will be looking ahead to appearances by a number of Federal Reserve policymakers this week after last week’s Fed meeting pointed to growing divisions among officials over the future direction of monetary policy.

Economic data due this week, including a report on durable goods orders will be closely watched amid concerns over the strength of the economy.

Brexit will also remain in the spotlight, with Britain's Supreme Court expected to make a ruling on whether Prime Minister Boris Johnson acted unlawfully in suspending parliament.

Investors will also be closely following developments after hopes for a breakthrough in the U.S. - China trade war receded further on Friday, when Chinese officials unexpectedly canceled a visit to farms in Montana and Nebraska.

The U.S. dollar index, which measures the greenback against a basket of currencies rose on Friday, and posted its first weekly increase in three, helped by hopes that the Fed would not lower rates aggressively.

The Fed cut interest rates for the second time this year on Wednesday, but gave mixed signals on future rate cuts.

Other major central banks, including the Bank of England, the Bank of Japan and the Swiss National Bank, left rates unchanged last week.

Sterling retreated from multi-month highs versus the greenback and the euro after the Irish foreign minister said that London and the European Union were not yet close to a Brexit deal.

Sterling had briefly been the biggest gainer against the dollar overnight after European Commission President Jean-Claude Juncker said late Thursday he thought Brussels could reach agreement with Britain on its departure from the European Union.

The euro fell 0.2% on the day to 1.1015, while the greenback slipped 0.4% to 107.55 yen.

The Australian dollar was down to near three-week lows at 0.6768 in late trade. The New Zealand dollar sagged to 0.6259 ahead of this week’s upcoming monetary policy decision by the country’s central bank.

Ahead of the coming week, has compiled a list of significant events likely to affect the markets.

Monday, Sept 23

Eurozone - PMI’s

ECB President Mario Draghi speaks

U.S. - Flash PMI’s

FOMC Member Williams speaks

FOMC Member Bullard speaks

Tuesday, Sept 24

German Ifo business climate

U.S. - CB consumer confidence

Wednesday, Sept 25

Reserve Bank of New Zealand interest rate decision

FOMC Member Evans speaks

FOMC Member George speaks

U.S. - New home sales

Thursday, Sept 26

U.S. - Final Q2 GDP

U.S. - Initial jobless claims

ECB President Mario Draghi speaks

Bank of England Gov Carney speaks

FOMC Member Bullard speaks

Pending home sales

FOMC Member Clarida speaks

Friday, Sept 27

U.S. -Durable goods orders

U.S. - Personal income and spending

--Reuters contributed to this report

Forex - Weekly Outlook: Sept 23 - 27

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