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 stands still with American tax overhaul in focus
On Wednesday, the evergreen buck didn’t change versus other key rivals amid fresh worries over an approaching US tax overhaul.
The US currency was affected by reports that a major corporate tax cut currently under discussion in American tax reforms plans could be postponed for a year.
On Tuesday, the Washington Post informed that Senate Republican leaders are actually considering postponing the implementation of the key corporate tax cut for the purpose of complying with Senate rules.
The greenback had been backed during the recent trading session by expectations that the US administration's tax cuts could spur the American economy.
The US dollar index, traditionally assessing the greenback’s value against a basket of six crucial currencies, didn’t change sticking to 94.77.
The currency pair USD/JPY slid 0.16% trading at 113.82, drifting away from Monday's eight-month maximum of 114.73.
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.