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Don’t waste your time – keep track of how NFP affects the US dollar!
The main events of the week are Non-Farm Payrolls (NFP) and the OPEC meeting. NFP is one of the most impactful indicators, that’s why it usually grabs a lot of attention of traders. This time, the focus will be even bigger as the Fed will base its further policy decision on employment. OPEC+ meeting will decide whether to hike oil output further or not.
After Fed’s hawkish decision in June, banks have started making bullish forecasts on the US dollar. Further hints at Fed’s tapering (cutting bond buys) in coming months will lift the US dollar. The better-than-expected NFP may push EUR/USD to early-April lows at 1.8000. The worse-than-expected NFP may drive the pair to 1.2000.
USD/CAD jumped on the Fed hawkishness. However, the Bank of Canada has already tightened the policy, that’s why the CAD is better protected from unexpected Fed policy actions than other currencies. Besides, the Canadian dollar should gain on rising oil prices. The majority of the correction in USD/CAD is over, that’s why USD/CAD may drop to the 50-day moving average of 1.2200.
XBR/USD (Brent crude oil) has hit the record high of $75 a barrel. The increasing demand for crude oil is likely to support the oil rally further to the psychological mark of $80 a barrel. On Thursday, OPEC+ members have to announce their decision on supply increases and give an outlook for the oil market.
IBM is a multinational technology company. Its hybrid cloud software gives the company a boost. The Q1 earnings report revealed that its cloud revenue grew 21% year over year. Since the company is trading at the local lows, it has a high potential to grow.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?
The United States will publish Core PCE Price Index on Thursday at 15:30 GMT+2.
Canada will post Retail Sales and Core Retail Sales on December 21, at 15:30 GMT+2.
The Bank of England will announce its policy statement on December 16, Thursday, at 14:00 GMT+2 (MetaTrader time). It will affect all the pairs with the British pound.
Australia will release employment change and the unemployment rate on Thursday, at 02:30 MT time.
The Federal Open Market Committee (the part of the Federal Reserve) will publish its Meeting Minutes on February 16, at 21:00 MT time.
The United States will publish the producer price index (PPI) on February 15, at 15:30 MT time.