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 holds weaker after RBA leaves its rate intact
On Tuesday, the Australian dollar held weaker after the country’s major financial institution didn’t change its interest rate. It definitely hints at an improving economy.
The currency pair AUD/USD dipped 0.31% being worth 0.7803, USD/JPY hit 113.12, soaring 0.33%.
On Tuesday, the Reserve Bank of Australia held its cash rate intact at a record minimum 1.50% just as expected. The given move persuaded financial markets that the Australian economy keeps improving.
Previously, Australia posted that building approvals edged up 0.4% in August, which is below the expected 1.1% revenue, while private house approvals went down 0.6% versus July’s 1% profit.
Estimating the greenback’s value versus a trade-weighted basket of six crucial currencies, the US dollar index rallied 0.24% being worth 93.70.
Overnight, the evergreen buck tacked on versus a basket of key currencies following data disclosing that manufacturing activity inched up to its highest value since 2004. It drove hopes for solid third-quarter economic surge.
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.