Each week our Sales Manager Jorn Andriessen will be giving us a snapshot update of the highs and lows of the foreign exchange market. If you would like any further information, please email Jorn@airwallex.com

Summary

Long gone are the days when central banks have surprised the markets – it's been an extremely quiet week after the US's Federal Reserve System (FED) hiked its interest rates last week.

The wording of the FED statement was more important than the hike itself which was universally anticipated. It hinted that there are to be 2 more hikes in the pipeline for the rest of the year.

How The Markets Are Looking

AUD: The AUD rose strongly against the USD last week. One item for the AUD this week. On Monday there will be the Monetary Policy Meeting Minutes.

USD: The US$ Index closed substantially lower last week. On Wednesday we have Crude Oil Inventories. On Thursday we have Unemployment Claims expected to be 240,000 from the previous 241,000 and the FED Chairperson speaks. On Friday we have Core Durable Goods Orders thought to rise from 0.0% to 0.5%.

EURO: The EURO rose strongly against the USD last week. There is no data for the EURO this week.

GBP: The GBP closed higher against the USD last week. We start on Tuesday with CPI thought to be 2.1% from 1.8%. On Thursday we have Retail Sales anticipated to move from -0.3% to 0.4%.

CNY: There is no data for the CNY this week.