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 slides after key bank holds steady as expected
On Tuesday, the Australian dollar went down in Asia after the latest review of interest rates was intact at a record minimum.
The currency pair AUD/USD showed 0.7633, sliding 0.34% after the bank’s verdict expected to hold at a record minimum 1.50%.
Australia also posted retail sales for May with a revenue of 0.6% month-on-month, thus surpassing the expected 0.2% soar.
The American currency jumped versus global currencies, buoyed by manufacturing data, topped experts’ predictions, contributing to hopes that the Fed would lift its benchmark rate later in 2017.
The American dollar managed to regain ground against its counterparts, after data revealed that in June manufacturing activity went up to a three-year peak, pointing to solid economic surge.
According to the Institute for Supply Management, its manufacturing index rallied to 57.8 the previous month from May’s outcome of 54.9.
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.