Upside hopes for the GBP?
The British monthly GDP is announced on Friday at 09:00 MT time.
British construction PMI dips to 11-month minimum in July
In July, British construction sector activity went down more than expected, reaching an 11-month minimum, as industry data revealed on Tuesday.
Market research company IHS Markit along with the Chartered Institute of Purchasing & Supply informed that their British construction purchasing managers' index descended to a seasonally adjusted reading of 51.9 the previous month from June’s result of 54.8.
Financial experts had expected the index to inch down to 54.5 in July.
IHS Markit stressed that the reading appeared to be its weakest outcome since August 2016. It’s because commercial work decreased at the fastest tempo for 12 months.
The research company added that a dip in fresh orders provoked softer job creation in July.
July data discloses a surge slowdown in the British construction sector, mostly powered by lower volumes of commercial development as well as a loss of momentum for house building.
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Strong USD on Tuesday
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
Will the USD grow with the US labor market?
The US unemployment claims are out on Thursday at 15:30 MT time.
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ECB report is in focus
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Markets await Biden to unveil "trillions dollars"
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
USD came under selling pressure
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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