The US dollar rose today to its highest level in seven weeks as the dollar index reached 93.81 in the light of the continued positive data from the US economy and remains waiting for employment data tomorrow which affected by the recent hurricanes. Today's data showed that the trade deficit shrank for August as exports rose to a two-and-a-half year high.
Ian Harper, a member of the Reserve Bank of Australia board, made the following statement:
After the markets calmed down with North Korea's tensions on financial markets yesterday after a missile launch over Japan and fall in the Pacific Ocean, the economic calendar today was full of a significant number of important economic data that had a significant impact on market movements.
US stocks rose at the beginning of the day after FED Governor Janet Yellen confirmed the gradual rate hike and that raising it again this year would be appropriate. She pointed out that the economy is strong enough to accommodate further gradual rise in interest rates, and reducing the Fed's huge portfolio of bonds.
With the start of the second half of 2017, several important economic data will be released this week and are likely to have a significant impact on market movements.
After a week full of major events, this week comes with a lot of data and events. More than one central bank will be meeting this week to decide on interest rates, but most of the attention will be directed towards the FOMC with the possibility of a rate hike during this meeting. Next to these meetings will be some important economic data that will also play a role in market movements.
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