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.
Giant Companies are In Stress
Happy Monday, dear traders! We hope that you’re ready for this new trading week! Let’s see what has happened lately.
Activision Blizzard earnings report
NFP shakes the USD
The US Bureau of Labor Statistics reported strong gains in hiring and wages in October despite rising unemployment. It created a mixed picture as Federal Reserve officials, debating how long their campaign to curb higher inflation will continue.
The number of non-farm payrolls increased by 261,000 last month after being revised up to 315,000 in September. The unemployment rate rose 0.2 percentage points to 3.7%, more than forecast as participation declined. The average hourly wage increased in October compared to the previous month.
The report says demand for workers remains robust despite rapidly rising interest rates and a bleak economic outlook. Layoffs, although on the rise, are still historically low, and competition to fill millions of vacant positions has led to wages rising rapidly.
The USD dropped after the release. The US Dollar index has lost almost 2400 points and still is staying at the lower level.
Other important news:
- Meta Platforms is planning massive staff cuts, approximately a few thousand employees. Previously, similar initiatives were made by Twitter, Tesla, and many other companies.
- The US switched to winter time. Stock trading will begin at 17:30 MT time.
- Oil fell as traders feared that China's Zero Covid policy would delay the economic recovery and undermine demand. XBRUSD is 97.67.
- Investors’ confidence remained on edge after Apple Inc. said it planed to produce at least three million fewer iPhone 14 phones this year.
- Deputy Secretary of the Treasury Adeyemo will visit France, the UK, and Belgium from November 7 to 9, discussing sanctions against Russia and an oil price limitation.
- Of the 430 companies in the S&P 500 that have reported quarterly earnings so far, nearly a quarter have fallen short of expectations.
- Bitcoin mining difficulty has decreased by 0.2%. Bitcoin mining difficulty, which changes roughly every two weeks, is a measure of how hard a miner has to work to validate transactions in a block to add it to the blockchain or "mine" bitcoins.
Have an amazing day!
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.
Credit Suisse's collapse is in focus. What are the consequences of this problem? Let's discuss it here.
Consumer Price Index, Existing Home Sales, US Fed rate decision - all of these things we will discuss in our new review. Don't miss it out!
The RBA and the Bank of Canada will add volatility to the AUD and the CAD, while USD is expected to be boosted by the Non-farm payrolls.