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 up on data, Kiwi is intact after Wheeler remarks
On Wednesday, the Australian rose versus the greenback, underpinned by the publication of upbeat Australian data. Meanwhile, the New Zealand dollar was intact reacting to remarks by Reserve Bank of New Zealand Governor Graeme Wheeler.
The currency pair AUD/USD rallied 0.34% being worth 0.7979, off a four-week maximum of 0.7996 overnight.
Earlier the Australian Bureau of Statistics reported that in July building approvals went down by just 1.7%, versus expectations for a 5 sag. In June, building approvals were updated to a 11.7% soar, rising from a previously estimated 10.9% jump.
A separate report revealed that in Australia construction work done inched up by 9.3% during the second quarter, surpassing hopes for a 1.0% revenue.
The currency pair NZD/USD stood intact at 0.7255.
The Kiwi inched down after RBNZ Governor Wheeler told that a lower New Zealand dollar was required to drive the export sector as well as inflation.
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.
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.
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.