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 goes down after initial profit on China Caixin PMI
On Monday, the Australian dollar gave up its initial revenues in Asia, reacting to a better-than-expected Caixin PMI report from China.
As for the US dollar index, which normally tracks the American currency’s strength against six crucial currencies, it could only gain 0.09%, trading at 95.48.
The currency pair AUD/USD slid 0.17%, hitting 0.7676, USD/JPY showed 112.41, staying intact.
Meanwhile, in China Caixin's manufacturing PMI for June surpassed expectations, hinting the world's number two economy keeps defying hopes for a slowdown.
The private poll offered 50.4, thus marking a three-month peak. It definitely grew from May's outcome of 49.6 that was an 11-month minimum, and outperformed a Reuters survey forecast for 49.5.
The previous week the US currency steadied on Friday. Nevertheless, it concluded the trading week close to nine-month minimums amid hopes that several key financial institutions around the world are getting ready to join the Fed in tightening their monetary policies.
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.
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.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…