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 on gloomy Q3 GDP figures
On Wednesday, the Australian dollar went down after third quarter GDP estimates turned to be weaker than anticipated notwithstanding the data lags more timely figures, including wage surge.
As Australia informed, the country’s third quarter GDP tacked on 0.6% versus a 0.7% soar observed on quarter and shy of the 3% tempo on year anticipated.
The currency pair AUD/USD inched down 0.35% being worth 0.7581. Meanwhile, USD/JPY showed an outcome of 112.44, sinking 0.15%. The currency pair GBP/USD dived 0.20% trading at 1.3416.
Tracking the greenback’s strength versus a basket of six key currencies, the US dollar index ascended 0.24% reaching 93.27.
Overnight, the evergreen buck rallied versus a basket of currencies because everlasting optimism over the progress of tax reform compensated weaker-than-anticipated service sector data.
The tax cuts, generally considered to be inflationary, kept spurring an uptick in the US currency, compensating economic data, which showed that in November American services activity fell short of hopes.
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.