The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
The first significant opportunity for the USD in 2020
The American manufacturing PMI by the Institute of Supply Management will be out at 17:00 MT time on January 3.
This is the leading indicator of economic health, which shows how businesses’ attitude towards the economic conditions of the market. Basically, this is the survey of 400 purchasing managers, which asks them to rate the relative level of business conditions. The indicator above 50 demonstrates the expansion of the industry, while the indicator below 50 signals the contraction. Last time it fell to 48.1. This time, analysts anticipate it to reach 49.
• If the actual level is higher than the forecasts, the USD will go up;
• If the actual level is lower than the forecasts, the USD will go down.
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.