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 slides in Asia as GBP/USD, EUR/USD earn on probable next Fed Chair
On Thursday, the evergreen buck went down in Asia, while the common currency, pound and yen managed to gain firmly because confident Fed language on policy next year was mixed with hopes that Jay Powell will become the next Fed Chair, thus keeping policy in-line with current Chair Janet Yellen.
The currency pair USD/JPY hit 113.94, sliding 0.20%, AUD/USD reached 0.7709, ascending 0.42%. As for EUR/USD, this pair added 0.32% being worth 1.1656, GBP/USD soared 0.35% trading at 1.3291.
The Fed didn’t change interest rates overnight. The bank highlighted firm economic surge at the conclusion of its two-day policy gathering. Market experts told that the Fed's statement showed that a rate lift next month is real.
The US dollar index that tracks the greenback’s value against a trade-weighted basket of six crucial rivals went down 0.29% being worth 94.43.
In October, private American employers generated up to 235,000 jobs.
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.
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.
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.