Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Greenback adds in Asia as US tax cuts eyed
On Wednesday, the major US currency leapt versus the Japanese yen with the focus on the probable unveiling of ambitious plans for American tax cuts later in the day.
The currency pair USD/JPY demonstrated 112.47, climbing 0.20%, AUD/USD lost 0.15% being worth 0.7874. Besides this, GBP/USD dived 0.12% showing 1.3443, and EUR/USD sagged 0.10% trading at 1.1781.
Estimating the greenback’s actual strength versus a trade-weighted basket of six crucial currencies, the US dollar index rallied 0.11% being worth 92.91.
Overnight, the greenback edged up versus a basket of key currencies because market participants were digesting Fed Chair Janet Yellen's comments reaffirming the major financial institution’s view that lifting interest rates gradually appears to be the most appropriate policy measure.
The currency pair EUR/USD went down as worries over the political fallout in Germany kept unrolling, putting pressure on the euro and pushing it to a one-month minimum.
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…