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Ben Robson's coverage of the trading week's most important market events.
The US Dollar Index began the week sharply higher across the board, despite the notable slowing down in Core PCE Price Index on Friday.
The Core PCE Price Index YoY unexpectedly declined back to 1.3% in August down from 1.4% in July, despite the fact that the estimates were to remain stable at 1.4%. This is the lowest level since November 2015.
The US dollar succeeded in stabilizing higher than an important support at the end of the third quarter of 2017, as the dollar index rose from 92.40 after it continued its decline since the end of the first quarter of the year, reaching the lowest level since January 2015 at 90.97.
Today marks the last trading day of this week, last trading day of September and the last trading day of the third quarter of this year.
The last hours of the week, month and quarter will likely provide more choppy trading as positions are adjusted across the board.
The US Dollar Index continues to rally since the Federal Reserve decision last week, reaching as high as 93.60’s at the end of the US Session yesterday.
However, the rally has stalled since the beginning of the European session today, declining back all the way to 93.30’s ahead of some key economic releases today.
US President Donald Trump on Wednesday offered proposals for tax adjustments that would be the largest in US history, and told reporters at the White House that they would be something special for Americans. The dollar rose over the course of today's trading, as the dollar index rose from a daily low at 92.79 to reach its highest level since August 23 at 93.40.
After few months of declines, nearing its lowest level since a year, Crude Oil prices finally recovered their year’s losses, posting the longest weekly gaining stake for this year.
Yet, the question remains here, Will the current rally continue? Is it sustainable? And why Crude is gaining despite the fact that OPEC did not extend the current deal yet?
On the economic calendar today, the most prominent headline was Janet Yellen, FED Governor speech, entitled "Inflation, Uncertainty and Monetary Policy", warning FOMC from moving too gradually and confirmed that the Fed able to meet the inflation target of 2%, and not considering changes in the target, noting that it is the uncertainty that strengthens the policy of gradually rate hike, which she supports despite the weakness of inflation.
The US Dollar Index managed to rise since the beginning of the week, despite the latest geopolitical tensions between the US and North Korea.
North Korea’s Foreign Minister said that the international community should clearly remember it was the US that declared war on North Korea.
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