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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.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday 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.
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