
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.
15:30 GMT+2 - Empire State Manufacturing Index
15:30 GMT+2 - PPI m/m
Before Joe Biden sat face-to-face with Xi Jinping on Monday night at a seaside resort in Bali, US officials played down hopes for tangible progress. The outcome easily exceeded those low expectations.
At the end of a meeting that ran about three hours, the US said the two sides would resume cooperation on issues including climate change and food security. Chinese Foreign Minister Wang Yi called it a “new starting point,” saying the meeting went longer than planned. Both sides “hope to stop the tumbling of bilateral ties and to stabilize the relationship,” he said in a briefing with state-run media.
Just four months ago, tensions between the US and China reached the highest point in years as House Speaker Nancy Pelosi flew into Taiwan. As a result, before the 20th Congress of the Chinese Communist Party, the US authorities announced a ban on the supply of high-tech technologies to China to slow down the development of advanced industries in the country.
A positive meeting outcome between the two leaders could positively impact US and Chinese tech stocks. US100 has formed a double bottom pattern on the daily timeframe with the target at 12 200.
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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.
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.
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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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