What will happen? US consumer confidence will be announced at 5:00 MT (GMT+3) on Tuesday, July 27…
An important indicator for the USD strength
The level of non-manufacturing PMI for the United States by the Institute of Supply Management will be published at 17:00 MT time on February 5.
Instruments to trade: EUR/USD, USD/JPY, GBP/USD
The indicator represents the index based on the survey of about 400 purchasing managers, which asks respondents to rate the level of business conditions. The indicator above 50 shows the optimistic conditions of the economy, while the indicator below 50 signals about the contraction. Last time the index reached the 55 level, outperforming the analysts' expectations of 54.5. This was the natural reaction to the optimism surrounding the US-China phase one trade deal. However, with the new challenges the global economy is facing right now, we may expect this optimism to be short-lived. So, will we see a different outcome this time?
• If the indicator is higher than the forecasts, the USD will rise;
• If the indicator is lower than the forecasts, the USD will fall.
The OPEC meeting and the US Nonfarm Payrolls rocked the market last week. The market is torn between optimism about the global economic recovery and concerns about the new coronavirus strains.
All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
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