It’s the start of a new month, but we’re at the end of the business week today. Still, this Thursday is packed with events that will have an impact on your trades.
Firstly, the new Federal Reserve Chief Jerome Powell will be giving his second speech for the week. His previous speech on Tuesday had a great impact pushing the dollar up, but driving stocks down. Some of the markets aren’t looking forward to rate increases, but as it stands now, we might learn more about the hikes the Fed plans today.
In addition, there will be data published today on spending and income for the past month. If these are higher than forecasted, it is likely that the Fed will go ahead with an interest increase soon. There will also be reports on employment data and a few more reports today, so it will be quite a busy day.
As previously mentioned, the USD was able to strengthen on the recent announcements from the Federal Reserve. The possibility of an upcoming rate hike has propped the currency to a six-week high and the dollar index is currently around 90.70.
