The British monthly GDP is announced on Friday at 09:00 MT time.
All attention to USD
US ISM Manufacturing PMI is coming out on Thursday at 17:00 MT time! Be ready!
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
This report is considerably significant both for the US dollar and the whole Forex market as the USD is a part of many pairs. Manufacturing PMI reveals the current state of the business environment in the United States. In general, this is the survey of 300 purchasing managers, which depicts how they rate ongoing business conditions. The indicator above 50 demonstrates the expansion of the industry, while the indicator below 50 signals the contraction. Moreover, this report will give a hint of what Friday’s NFP may be like.
- If US ISM Manufacturing PMI is better than estimates, the USD will rise!
- If US ISM Manufacturing PMI is worse than estimates, the USD will drop!
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.