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.
China Goes Easy On Covid Zero Policy
Happy Tuesday, dear traders! Every day brings new opportunities to trade! Let’s see what you need to know:
07.12, 02:30 GMT+2, Australian GDP
Australian Cash Rate release results
At today's meeting, the Reserve Bank of Australia decided to increase its cash rate by 25 basis points to 3.10%. It also increased the interest rate on foreign currency balances by 25 basis points to 3.00%.
Inflation in Australia is too high: 6.9% per year. Global factors largely explain this high inflation, but strong domestic demand compared to the economy's ability to meet that demand also plays a role. Inflation is expected to rise further in the coming months, with inflation forecast to peak at around 8 percent by the end of December.
The AUDUSD is moving between two trendlines, keeping a short-term uptrend. Most likely, the price will bounce from the support line and reach 0.6800. In case of reversal, the possible target can be 0.6590.
Other Important news
- Tesla's stock price fell on reports that the Shanghai plant may cut production.
- Nearly 20 oil tankers are stuck off the coast of Turkey due to a Russian oil price limit. XRBUSD is 82.30.
- Contracts for the S&P 500 gained 0.2% after the third day of the S&P 500 decline.
- Beijing has announced that it will remove Covid testing requirements for most public places, seen as an accelerated step towards exiting the Covid Zero policy.
- Prices for bitcoin and other cryptocurrencies are falling along with other riskier assets amid fears about the US economy uncertainties.
Stay tuned with FBS! Have a great day!
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
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.