In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
Big Event for USD: Philly Fed Manufacturing Index
What will happen?
The US will release the Philly Fed Manufacturing Index – the impactful event for the USD and thus for all the major pairs. It will be out on November 18 at 15:30 MT (GMT+2).
Why is it important?
This report is based on the survey of about 250 manufacturers in the Philadelphia Federal Reserve district. They are asked to rate the level of current business conditions. Businesses react quickly to market conditions, that’s why the changes in their sentiment can be an early signal of future economic activity.
Last time, the Philly Fed Manufacturing Index came out worse than expected. As a result, USD/CAD dropped by 130 points just in half an hour after the release.
How to trade on Philly Fed Manufacturing Index?
Open the economic calendar and compare the actual numbers with the market forecast.
- If the Manufacturing Index is greater than the forecasts, the USD will jump.
- Otherwise – fall.
Instruments to trade: EUR/USD, GBP/USD, USD/CAD
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