Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Sterling descends in Asia as election opinion surveys eyed
On Tuesday, the British pound moved down in Asia because opinion surveys demonstrated a tightened feud ahead of the June 8 election, while traders noted that the campaign to date turned to be closer than previously expected.
The currency pair GBP/USD sank 0.27%, offering an outcome of 1.2806. USD/JPY hit 111.13, sliding 0.12%. AUD/USD reached 0.7420, descending 0.24%.
Meanwhile, in Australia, building approvals leapt 4.4%, quite above the 3% month-on-month revenue expected for April.
Japan posted that household spending figures for April tacked on 0.5%, unlike a 1.1% revenue observed month-on-month. Additionally, jobs data demonstrated unemployment rate intact at 2.8%, while retail sales tacked on a more than expected 3.2%.
Overnight, the US currency was nearly intact versus key currencies, staying above the previous week’s six-and-a-half month minimums, with American financial markets unavailable for the Memorial Day holiday.
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.