Weekly Outlook 7th 11th January
Watch the markets by keeping up to date on all the forex news with SmartTradeFX! Below we have highlighted some key events for this week.
All the action is taking place on Thursday and Friday this week. At 12.00 the BOE will be announcing their rate decision. We are not expecting to see a cut in interest rates just yet. Before you've had a chance to digest the UK rate decision, the EU will also be announcing their rate decision at 12.45, and it is probable that the ECB will cut the interest rate by 0.25% to 0.50%. This wouldn't be good news for the euro. Next we will be seeing US unemployment claims at 13.30. Last week there was an unexpected increase in Americans seeking unemployment benefits, yet the job market is reported to be in a positive condition and we can expect a drop in unemployment claims this week.
Three more events on Friday are of great interest to forex traders. The first is at 8.15 when we will see Swiss inflation data. A decline of 0.1% is expected after a 0.3% drop in November. This ongoing trend could lead to deflation. Next at 13.30 the US will produce its Trade Balance figures. In October the trade deficit widened with a drop in exports due to slow global growth. A slight improvement is expected this time. Finally we will end the week with news of the US Federal Budget Balance. A major improvement is expected.
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