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CB Consumer Confidence index will be announced at 17:00 MT time on Tuesday.
Instruments to trade: EUR/USD, USD/GBP, AUD/USD, USD/JPY
These days don’t seem too eventful in terms of planned economic meetings or announcements on the global scale. That’s good: it gives us time to look at many other indicators, apart from the usual labor statistics, inflation, and interest rates. One of these is consumer confidence. Although it does not move the currency prices as intensely as the primary indicators do, it may still have its effect if it significantly deviates from expected levels. CB Consumer Confidence index is a summary of a questionnaire done with 5000 households. They inform on the economic outlook, current conditions, spending, and business environment. If the indicator overshoots the forecast, it supports the national currency. Hence, we are yet to see how confident the US consumers are about their country’s economy.
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.
Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
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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