5 important events this week will bring us

5 important events this week will bring us

The second half of this week is going to be well loaded with big events. All major currencies will be affected, for this reason, brace yourselves and prepare for some price action.

Main events

  • British monthly GDP growth rate (Tue, 11:30 MT time (09:30 GMT))The last two indicators of the monthly GDP growth rate have been at -0.1%. If the monthly GDP growth for October is better than the expected 0.1%, it will make the British pound rise.
  • Federal Funds Rate (Wed, 21:00 MT time (19:00 GMT)) The American financial authorities will announce the interest rate and release the monetary policy statement. They will also give the economic projections for the nearest future and explain the main issues behind the chosen monetary stance. Steady rate (currently at 1.75%) and positive perspectives will support the US dollar.
  • The British Parliament elections (Thu, all day)Finally, we will see the resolution of the months-long parliamentary debates and clarification of the coming course of development in Great Britain. Definitely, it is going to be a hard day for the British pound, but the victory of Boris Johnson would boost it.
  • ECB Main Refinancing Rate and Press Conference (Thu, 15:30 MT time (13:30 GMT))The European Central Bank will announce the interest rate, to which no change is expected (currently at 0%); more importantly, the ECB head Christine Lagarde will give a press conference, which will reveal the economic outlook of the euro area and the intentions of the monetary policy makers. A positive tone of the speech will strengthen the euro.
  • American monthly retails sales (Fri, 15:30 MT time (13:30 GMT))Although not a major indicator, still the retail sales give a very representative outlook on consumer sentiment. If the picture is more positive than the market expectation, the US dollar will rise.

Background tension

Strong jobs data provided by the Non-Farm Payrolls on December 6 boosted the US dollar. However, the upward movement of the US dollar does not gain full power as there still are serious concerns among the investors on the next stage of the US-China trade war. The deadline of December 15 for imposing new tariffs on the Chinese goods by the US is still in place, while the last comment from the US President Donald Trump was that he liked where the negotiations were going. This means that tensions will keep the market’s optimism in check until next Monday at the very least.

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USD Holds the Line
USD Holds the Line

The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now. 

US Dollar Prepares for the Pump
US Dollar Prepares for the Pump

On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies. 

Uptrend in Gold Starts Now
Uptrend in Gold Starts Now

Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!

Latest news

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

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S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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