The British monthly GDP is announced on Friday at 09:00 MT time.
5 important events this week will bring us!
- RBNZ rate statement (Wed, 5:00 MT (2:00 GMT) – The market anticipates a rate cut by 25 basis points from 1.5%. If it happens and the statement is dovish, the NZD will fall.
- Speech by the RBA governor Philip Lowe (Fri, 2:30 MT (23:30 GMT)) – After the RBA kept its interest rate unchanged on Tuesday, it would be interesting to hear his comments on the further steps by the bank.
- British GDP growth (Fri, 11:30 MT (8:30 GMT)) – Analysts anticipate the level of GDP growth to advance by 0.1%. Higher figures will be positive for the British pound.
- British manufacturing production (Fri, 11:30 MT (8:30 GMT)) – According to the forecasts, the indicator will decline by 0.1%. If the actual level is higher, the GBP will go up.
- Canadian employment data (Fri, 15:30 MT (12:30 GMT)) – If the employment change is higher and the unemployment rate is lower than the forecasts, the CAD will rise.
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.