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- European session review: USD strengthens amid heightened demand for safe havens
European session review: USD strengthens amid heightened demand for safe havens
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Germany | Producer Price Index (YoY) | August | 10.4% | 11.4% | 12% |
| 06:00 | Germany | Producer Price Index (MoM) | August | 1.9% | 0.8% | 1.5% |
| 10:00 | Germany | Bundesbank Monthly Report |
USD rose against most of its major rivals in the European session on Monday, as worries about a potential default of the Chinese property developer Evergrande added to market concerns, bolstering demand for safe-haven currencies.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, increased 0.20% to 93.38.
Evergrande faces $150 million in coupon payments later this week, but fears grew that the property developer won't be able to make these payments and this could spark broader risks in China’s financial system.
In addition, markets await the two-day meeting of the Federal Reserve, which will begin tomorrow and can provide clues on stimulus withdrawal by the U.S. central bank. It is widely expected that at their September gathering the Fed officials will confirm their plans to start QE tapering by the end of the year but will hold off providing details or a timeline for a month or two.
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