ECB is ready to take the decision about the key rate. What to expect from officials? Oil prices are high, and economy indicators demonstrate the slowing down in the strongest European economies.
A trigger for loonie’s breakout
Do you want to trade the Canadian dollar this week? Take the opportunity and follow the release of Canadian GDP on January 29, at 15:30 MT time!
Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD
This week is full of GDP releases. After the US data, we get the Canadian one. Traders are usually excited for these indicators, as they represent how well an economy is doing in the current conditions. Last month's GDP for Canada was great. It came out at +0.4%, while analysts expected +0.3%. At the same time, it was one of the lowest increases since the economy has started to recover. Despite that, the CAD strengthened that day. Now we are facing a crucial moment for the USD/CAD pair, as it consolidates at the multi-year lows. Thus, a famous question "a breakout or a reversal" of USD/CAD may be answered this Friday.
- If the GDP is stronger than the forecasts, the CAD will strengthen.
- A lower-than-expected GDP will weaken the Canadian dollar.
The Fed is going to take a decision about the interest rate. This is the crucial news for the following week. What's going on in the markets and what to expect?
Nothing can stop us from finding hgh quality trades and impactful news. This market wrap proves it, here’s what you need to know:
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.