The USD fell to its lowest level in more than a year against a basket of other major currencies on Friday, as it fell as the EUR rallied and concerns over United States political uncertainty continued.
The euro rose to a two year high against the USD, with EURUSD climbing to a high of 1.1683, the highest since September 2015. The latest traded at 1.1663, after rising 1.65% during the week.
On Thursday, European Central Bank President Mario Draghi said the bank would discuss when and how the asset purchase program would be curtailed in the fall.
On Thursday, Bloomberg said an investigation into alleged links between President Trump’s campaign and Russia in last year’s election was still in place.
Next week, investors are eyeing the results of the Fed meeting on Wednesday, ahead of Friday’s data, which will give a first look at the second quarter growth in the USD.
The survey data from the euro zone on Monday will help gauge the strength of the ongoing recovery in the euro area. The United Kingdom will release second quarter growth data on Wednesday.
The following are the most important events for the week:
Monday 24 July
The Eurozone will publish business sector survey data.
Canada will publish a report on wholesale sales.
The United States will also publish data on existing home sales.
Tuesday 25 July
The Ivo Institute is to publish a report on the German business climate.
The United States will also release data on consumer confidence.
Wednesday 26 July
Australia will release data on consumer price inflation.
The UK will release preliminary data on economic growth for the second quarter.
The United States will also report new home sales.
The Fed will also announce its benchmark interest rate decision as well as the release of the interest rate statement that determines the economic conditions and factors influencing the monetary policy decision.
Thursday July 27th
The US will publish data on unemployment claims and durable goods orders.
Friday 28 July
In the euro area, Germany will publish preliminary inflation data.
Canada will publish monthly data on economic growth.
The United States is due to end the week by publishing advance data on second quarter growth.