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.
February 1, 21:00 GMT+2.
The US Federal Reserve will make a statement and release a Federal Funds Rate on February 1, 21:00 GMT+2. The FOMC usually changes the statement slightly at each release. Investors watch closely after these changes each time to get an idea of the next rate decision. As inflation is cooling down, every dovish statement is a solid bullish sign for risky assets and gold.
On the other hand, the USD may plunge even more if Fed hints at monetary easing soon. Also, traders should be careful as Federal Reserve insists on tightening throughout 2023. This time, the world expects Fed to make a 25-basis-point hike.
February 2, 15:15 GMT+2.
The European Central Bank will release Main Refinancing Rate and make a Monetary Policy Statement on February 2, 15:15 GMT+2. It’s the primary tool the ECB uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision.
Inflation in the EU is going non-stop, and the bank’s primary goal is to slow down rising prices. Most likely, the ECB will remain hawkish, thus, boosting the EUR.
February 3, 15:30 GMT+2.
The US Bureau of Labor Statistics will release the Non-Farm Employment Change, Unemployment Rate, and Average Hourly Earnings on February 3, 15:30 GMT+2. All three releases are vital for investors as it’s the primary economic data for the US Federal Reserve. A strong labor market will signal Fed that it may continue tightening the monetary policy and pressing on the economy.
On the other hand, a weak labor market would mean the economy is cooling down, and Fed may act more dovish, thus pushing the USD down and boosting gold.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
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Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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