Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
GBP/USD rebounds from 2-month maximum notwithstanding upbeat data
On Friday, the British pound rebounded from a two-month maximum versus the greenback notwithstanding the publication of positive British manufacturing activity data because market participants locked in profits from the pound’s recent soar due to signs of progress in Brexit talks.
The currency pair GBP/USD sank 0.27% being worth 1.3492, which is off a two-month maximum of 1.3550 reached overnight.
The earlier report unveiled that in November the British manufacturing sector managed to expand at a faster rate than anticipated.
The report emerged amid signs of progress in talks between the European Union and Great Britian, as EU diplomats told earlier that the UK has approached EU demands over Brexit.
Market sentiment on the US currency was still fragile after on Thursday the US Senate had a vote on the tax reform bill postponed until Friday as a major element of the bill still required talks.
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.
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.
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.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…