Weekly Forex Outlook February 4th 8th
We ended the week with the yen, the sterling and the US dollar sliding while the euro made impressive gains. Watch this space to see how the markets progress. For now here is a list of key events this week that you should keep up to date with.
Australia will be announcing their rate decision on Tuesday. Their current rate is 3%, the lowest since 2009, and with slow growth and consumer spending the RBA is not expected to change this. Also Tuesday the US ISM Non-Manufacturing PMI data will be released. December saw a rise in new orders above what was forecasted. This month however we are expecting to see a small decline for January's figures.
Thursday is a busy day as the week draws to a close. In the early hours of the morning Australia are set to announce their employment data. We are expecting better figures than what we saw last month, with an increase of 2300 jobs and a higher unemployment rate of 5.5%. Later on we can expect to see the UK rate decision. It could be that the Bank of England will announce more quantitative easing with the poor economic situation reflected from the recent drop in the pound. Additional QE could cause another small drop for GBP/USD.
Next on Thursday is the Eurozone rate decision. The ECB is not expected to make any change to the current rate. And finally we will be seeing the US figures for unemployment claims. A small decline is expected.
To end the week we have Canada's employment data. In December the country saw a large rise in the number of job additions. Another addition of 4200 jobs is expected for January. And finally keep your eyes open for the US trade balance, where the deficit is expected to narrow to 45.8 billion.
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