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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.
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.
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
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Consumer Price Index, Existing Home Sales, US Fed rate decision - all of these things we will discuss in our new review. Don't miss it out!
The RBA and the Bank of Canada will add volatility to the AUD and the CAD, while USD is expected to be boosted by the Non-farm payrolls.
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