Here is what you need to know about the important news between February 06th 2023 and February 10th, 2023, where we take a look at the economic data, market news and headlines likely to have the biggest impact on the market prices this week and beyond, as well as the US Dollar, and other key correlated assets.
U.S. dollar index
The dollar clings to the area of recent highs around the 103.00 zone in the wake of Friday’s release of unexpectedly strong US Payrolls for the month of January.
Key events in the US this week: Balance of Trade, Fed Powell, Consumer Credit Change (Tuesday) – MAB Mortgage Applications, Wholesale Inventories (Wednesday) – Initial Jobless Claims (Thursday) – Flash Consumer Sentiment (Friday).
Gold
Gold declined below $1870 after the non-Farm payrolls release last Friday. The safe heaven precious commodity lost more than $100 following the positive data release. This week, the focus is shifted to FED Chair Jerome Powell speech which is expected on Tuesday.
Oil.
Crude oil price fall 8% last week to more than three-week lows as concerns that slower growth in major economies may limit fuel consumption outweighed signs of a demand recovery in China, the world’s top oil importer. Last Friday, WTI and Brent slid 3% after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. The stronger greenback typically reduces demand for dollar-denominated oil from buyers paying with other currencies.
Stocks
In the week ahead, traders will remain focused on a slew of earnings results from companies including Activision Blizzard, Take-Two Interactive Software, BP, Chipotle Mexican Grill, Walt Disney, CVS Health, Uber Technologies, PayPal Holdings, PepsiCo, and Philip Morris International.
On the economic calendar, closely watched events will include December’s trade balance, wholesale inventories, jobless claims and Michigan’s consumer expectations and sentiment surveys. In addition, speeches from the Fed’s Powell and Waller, as well as FOMC member Williams will also be monitored for clues into the future path of interest rates.
Economic calendar most important releases – All times are GMT
Tuesday, February 07, 2023
03:30 AUD Cash Rate
03:30 AUD RBA Rate Statement
17:00 USD Fed Chair Powell Speaks
17:30 CAD BOC Gov Macklem Speaks
Wednesday, February 08, 2023
14:15 USD FOMC Member Williams Speaks
Thursday, February 2, 2023
09:45 GBP Monetary Policy Report Hearings
Friday, January 27, 2023
07:00 GBP GDP m/m
13:30 CAD Employment Change
13:30 CAD Unemployment Rate
15:00 USD Prelim UoM Consumer Sentiment
Thanks for reading! Have a great week!
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