Upside hopes for the GBP?
The British monthly GDP is announced on Friday at 09:00 MT time.
AUD in focus of traders
The Australian unemployment rate will be released on August 13 at 4:30 MT time!
Instruments to trade: AUD/USD, AUD/NZD, AUD/CHF, EUR/AUD
Last time Australian unemployment rate jumped to the highest level since November 1998. Obviously, it was the devastating effect of the coronavirus pandemic: most companies were forced to shut down. As a result, many workers were fired. The total number even surpassed the all-time high of 992 300. Nevertheless, things are not so terrible as it may seem: employment rose by 210 800 in June, beating analysts’ estimates of a 112 000 increase. Now, Australia is suffering from the fresh coronavirus resurgence. New virus cases are inevitably rising in its state Victoria. Therefore, this time unemployment rate may surprise everyone.
- If the unemployment rate is better than the forecast, the AUD will rise.
- Otherwise, the AUD will fall.
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Strong USD on Tuesday
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.
Will the USD grow with the US labor market?
The US unemployment claims are out on Thursday at 15:30 MT time.
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ECB report is in focus
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Markets await Biden to unveil "trillions dollars"
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.
USD came under selling pressure
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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