Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Aussie and Kiwi tack on
On Tuesday, the Australian and New Zealand dollars soared versus their American rival after the Reserve Bank of Australia left interest rates intact and optimism over the vote of an American tax reform bill started waning.
The currency pair AUD/USD inched up 0.59% hitting 0.7644, which is off a three-week maximum of 0.7654 reached overnight.
In a widely anticipated move, the RBA didn’t change its benchmark interest rate, leaving it at 1.50%.
RBA Governor Philip Lowe told that the major financial institution maintained its estimate for inflation to soar gradually as the Australian economy edges up.
Besides this, the Australian Bureau of Statistics told that the current account surplus dipped to A$9.1 billion during the third quarter versus A$9.7 billion in the second quarter.
Market expert had hoped for a current account deficit of about A$9.2 billion in the last quarter.
The currency pair NZD/USD tacked on 0.54% being worth 0.6898.
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
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.