Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Kiwi slumps on dismal NZ data, Aussie stands still
On Tuesday, the New Zealand dollar declined versus its American rivals, while the Australian dollar was intact after the publication of dismal New Zealand business confidence data and following fresh geopolitical worries.
The currency pair NZD/USD sank 0.49% trading at 0.7239, which is the lowest value since September 15.
Tuesday’s data revealed that New Zealand's ANZ business confidence index inched down to zero in September from August’s outcome of 18.3.
The data emerged after no single party managed to win a majority in the weekend’s election in New Zealand.
The ruling National Party grasped the largest number votes, although neither of the key parties got enough seats to for a majority in parliament, thus generating a round of coalition negotiations that could take weeks.
As for AUD/USD, this currency pair was nearly intact, sticking to 0.7935.
The US dollar grew after on Monday New York Fed President William Dudley told that the major US bank is about to gradually lift interest rates considering factors depressing inflation are receding and the American economy's fundamentals are good enough.
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…