Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Euro is steady with focus on Sunday's French presidential election
On Friday, the common currency stood still below a three-week peak against the greenback, as market participants waited for this weekend's first round of voting in the French upcoming presidential election.
The evergreen buck was little changed against a basket of six crucial currencies, keeping to 99.815, after the latest data on American jobless claims as well as business activity in the mid-Atlantic region failed to change investors’ views of modest American economic surge as well as low inflation.
The common currency was intact at $1.0718, having surged to $1.0778 on Thursday, its highest value since late March, as market participants shut down broad bets against the euro ahead of Sunday’s French vote.
The euro traded steady against the Japanese yen, showing 117.10 yen and staying below Thursday's peak of 117.81 yen, which was the highest value since April 10.
As for the US dollar, it held steady vs. the Japanese yen at 109.28 yen, having climbed 0.4% on Thursday.
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.
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.