
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.
If EUR/USD manages to break 1.1925, the way up to the 50-day moving average of 1.1960 will be open. On the flip side, if it crosses the 200-day moving average of 1.1890, it may fall to the low of April 7 at 1.1860. Upcoming US inflation data will define the movement of the pair. Ahead of that, it may move sideways.
Gold has approached the significant support level of $1724. The move below will drive the yellow metal to the key psychological mark of $1700. Besides, the strong USD is likely to press gold down. But if US sales are worse than the forecasts, the dollar will weaken and gold will rise. The move above $1745 will push the pair higher to the key resistance level of $1760.
Dollar, dollar, let’s discuss something different! For instance, EUR/GBP. There is a really interesting situation. The pair was falling from the start of the year but then reversed to the upside last week. Perhaps it’s the beginning of the new trend. Now it’s falling to the 50-period moving average of 0.8630. If may bounce off it and retest the recent high of 0.8690. The move above it will drive the pair up to the high of April 26 at 0.8730.
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.
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
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.
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