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Ben Robson's coverage of the trading week's most important market events.
The new week will see many important economic data and events that will have an impact on market movements in the coming period, most notably the FOMC meeting, the Bank of Japan meeting, and some central bankers' speech.
The dollar erased its weekly gains and after reaching highest level in the week at 92.64, driven by positive inflation data, which pushed expectations for a rate hike to 50% in December for the first time since July, as well as reports that the details of the tax reform plan will be announce soon, but in the last two days of the week fell strongly to its weekly low of 91.34.
The US Dollar failed to rally yesterday, despite the fact that the inflation data came in higher than expected. This shows how much USD bears are still in control, since inflation failed to push the US Dollar higher, retail sales data is unlikely to succeed in pushing it higher once again.
The three major indexes of US stocks fell today, from their highest levels in yesterday's closing, following positive inflation data that boosted the chances of a rate hike soon. The consumer price index rose more-than-expected in August, the biggest reading in seven months, by 1.9 % on yearly basis.
After two days full of economic releases from the UK, including the inflation data and the jobs report, which came in with mixed outcomes, we will be concentrating on the Bank of England decision later today.
The dollar rose significantly in today's trading following news of tax reforms announced this month as the dollar index rose from a daily low of 91.67 to currently trade at 92.38, while the USDJPY rallied to its highest level since August 16 at 110.68.
The UK inflation data came in with a surprise for the month of August, rising by more than expected, fueling the estimates for a possible action by the Bank before the end of this year.
US stocks rose broadly with the beginning of this week as Hurricane Irma was downgraded to a tropical storm, easing worries about its impact on economic growth. North Korea also refrained from any missile tests.
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