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 goes down as market sentiment fluctuates
On Friday, the evergreen buck went down versus the other key currencies because market participants were still cautious reacting to a terrorist attack in Spain, while American political tensions kept dampening demand for the US currency.
White House Economic Adviser Gary Cohn debunked rumors of his probable departure late Thursday. Nevertheless, ascending opposition to Trump’s positions have powered worries over the administration’s capability to implement its political agenda.
The greenback was suppressed after the minutes of the Fed’s July policy gathering published on Wednesday revealed that members of the key bank are still divided over the necessity to lift interest rates further in 2017.
The Japanese yen and Swiss franc ascended, with USD/JPY tumbling 0.48% hitting 109.05 and with USD/CHF declining 0.25% trading at 0.9607.
The currency pair EUR/USD went up 0.30% being worth 1.1759, drifting away from the previous session’s three-week minimum of 1.1662. Meanwhile, GBP/USD tacked on 0.26% hitting 1.2901.
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.