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/JPY has reached 2-weeks low
Following the release of US Fed and Bank of Japan interest rate decisions, the USD/JPY dropped by more than 70 pips. On the H4 chart of USD/JPY, we may place the resistance levels at 108.98, 108.69, 108.44 and 108.25, while the support levels may be located at 107.96 and 107.67.
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.