The US unemployment claims are announced on Thursday at 15:30 MT time.
Does the AUD stand a chance?
The Australian NAB Business Confidence indicator will be announced at 02:30 MT time on Tuesday.
Instruments to trade: AUD/USD, AUD/NZD, AUD/JPY, AUD/CHF
Needless to say, Australia is not in the best company of circumstances now. Climate change keeps torturing the country by repeating statewide bushfires. At the same time, the coronavirus reduces the country’s most extensive source of trade income – China. No surprise, the last two monthly indicators were below 0, which means worsening economic conditions. Consequently, the AUD stands little chance against other currencies. Will the picture improve this week? Fundamentals say, unlikely. Still, there is always a factor of unexpected change. In the end, the market cannot know everything (if you like to know how well the market “knows” things, you can check our investigation on the Efficient Market Hypothesis).
- If the indicator is higher than predicted, the AUD will rise.
- If the indicator comes lower than the forecast, the AUD will fall.
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The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.