InstaForex

October 1, 2021

This is the Latest Currency Movement Before the Closing of the Weekend

The US dollar slipped slightly from a one -year high, giving the commodity currency a chance to rise following reports that China had instructed energy companies to get supplies before facing winter.


Aussie dollar trading is back on the rise, after a gloomy session in the Asian session. Meanwhile, the kiwi and Canadian dollars also increased following the report.


The dollar index, which measures the strength of the greenback dollar against a basket of major currencies, traded at 94.25.


Revealing the events of the past month, the Federal Reserve (Fed) has turned hawkish by signaling it will begin reducing asset purchases as soon as November.



However, according to the latest statement from Chairman Jerome Powell, the US NFP employment data to be released next week will be evaluated by the central bank before proceeding with the reduction plan.


This is a bit of a concern for the market as the weekly jobless claims data in September is seen as less encouraging. US ISM manufacturing PMI data tonight will be the focus of the market.


Meanwhile, the euro continues to be at its lowest level since July 2020, having fallen around 1.3% this week. The pound traded back up close to 1.3500 against the greenback.


The market is also wary of any 'profit taking' activities against the USD ahead of the end of the weekend.