Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Yen dips after BOJ holds steady
On Thursday, the Japanese yen declined, with the Bank of Japan keeping silence as for when inflation could provoke easing aggressive monetary policy.
The US dollar index that tracks the evergreen buck’s value versus a basket of six key currencies rallied 0.07% trading at 94.71.
The currency pair USD/JPY showed an outcome of 11.07, sliding 0.12%. Simultaneously, AUD/USD demonstrated 0.7937, declining 0.20%.
On Thursday, the Bank of Japan didn’t change its monetary policy.
The BOJ’s monetary policy statement as well as interest rate verdict was supposed to provide comment on the pace of asset purchasing at ¥80 trillion annually and probably hint of tapering.
Japan’s trade balance for June demonstrated a surplus of ¥440 billion, thus missing an expected profit of ¥485 billion.
Overnight, the greenback soared against crucial counterparts, buoyed by positive housing data pointing to a turnaround in the sluggish tempo of American home building.
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
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.