Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
USD is waiting for the jobless claims!
The US unemployment claims are announced on Thursday at 15:30 MT time.
Instruments to trade: EUR/USD, GBP/USD, USD/CAD, USD/JPY
Initial jobless claims posted each Thursday in the US became a central tool to track the pulse of the reopening process in the States – or re-closing. The last release revealed 1.31 million claims for unemployment benefits – down from 1.41 a week before. In general, it is obvious that we are seeing a gradual decrease in the number of jobless people. However, due to the latest infection spikes in the US and the cancellation/freezing of re-opening procedures in some of the states, we may see slower recovery compared to the previously observed tendency. 1.25 million is the expected figure this time.
- If the jobless claims are lower than expected, the USD will rise;
- If the jobless claims are higher than expected, the USD will fall.
The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
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.