Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Australian dollar edges up after NAB survey on business
On Tuesday, the Australian dollar managed to gain in Asia trade following a positive bank survey of business views, while regional data was focused exactly on July China trade.
The currency pair USD/JPY edged down 0.06% being worth 110.68. At the same time AUD/USD reached 0.7933, rising 0.25%.
China’s supposed to report that in July, the country’s exports headed north 10.9% year-on-year, descending from June’s 11.3% gain, while imports surged 16.6%, versus a 17.2% jump in the previous month.
Overnight, the greenback stood intact versus a basket of global counterparts, struggling to contribute to gains following Friday’s sturdy American jobs report, right after a top Fed official tried to cool rate lift hopes.
On the heels of its Friday’s greatest one-day gain of the year, the evergreen buck made a subdued start to the trading week because market participants waited for major inflation data this week. Meanwhile, St. Louis Fed President James Bullard hinted that low interest rates will probably remain appropriate in the nearer future.
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…