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FOMC will share its Meeting Minutes on April 7, at 21:00 MT time.
The Fed Chairman Jerome Powell informed that if the situation in the US evolves as per the current dynamic, no rate hike is expected until 2023 – that’s when the US economy is expected to fully recover. While the inflation rate target is 2%, it is currently at 1.7%, and Mr. Powell made it clear they want to see the actual rate not just reach the target but be steadily slightly above it. Noting the difficulties of the labor market and the overall situation, it will take a while to manifest, too.
The bulk of the rate-related information has been already released in the last session. Therefore, investors will be looking for details of what the US Fed has, and possibly, for some new additions – especially if the latter change the overall tone of the Fed’s comment. Generally, any positive data that point to a strong US domestic recovery would support the USD.
Instruments to trade: GBP/USD, EUR/USD, USD/JPY, USD/CAD
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.
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.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
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.
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