Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Evergreen buck declines in Asia as regional data noted
On Monday, in Asia, the US currency went down, with industrial output out of Japan as well as the China Federation of Logistics & Purchasing PMI and services PMI measures demonstrating regional strength.
The currency pair USD/JPY got to 110.53, sliding 0.14%. Meanwhile, AUD/USD showed 0.7984, decreasing 0.03%.
Assessing the greenback’s value versus a trade-weighted basket of six key currencies, the US dollar index inched up 0.05% trading at 93.25.
51.4 – an outcome shown by the CFLP manufacturing PMI, which is a trade below anticipated, though still in expansion. A 54.5 reading for the services PMI was also considered to be steady.
The previous year the services sector actually accounted for over half of the Chinese economy because ascending wages give Chinese consumers an opportunity to travel, shop and eat out more. The Chinese government is counting on surge in services as well as consumption to rebalance the country’s economic growth.
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.