
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.
The RBNZ will make the monetary policy statement on August 12 at 5:00 MT time!
Instruments to trade: NZD/USD, NZD/CHF, NZD/JPY
This statement is really important to follow as it will define the future NZD movement. Let’s have a quick look at the background. The Reserve Bank of New Zealand set the cash rate at a record low of 0.25% on June 24. Also it imposed its large scale asset purchase (LSAP) program at 60 billion New Zealand dollars. Officials assured that they would use all the needed tools to support economy further in such unstable times. The recent data showed that the labor market started recovering: New Zealand’s unemployment rate rose less than analysts expected. It turned out 4.0%, while the forecast was 5.6%. It might be a signal for the government to ease its policy. Moreover, authorities may be interested in lower NZD as now it’s really expensive for other countries to buy goods in New Zealand.
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.
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.
Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
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.
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.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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