Last week saw high market volatility due to news from the US and central banks. The Fed rate decision had a significant impact on some major currencies, but better-than-expected US Jobs data resulted in a substantial drop for majors and gold by the end of the week.
(All data taken from MT4 VT Markets)
(Picture taken from forexfactory.com)
Following a busy week in the US, this week will be more relaxed. The focus will shift to Australia, where the RBA will announce its monetary policy, and the UK, where Monetary Policy Hearings and GDP data will be released.
Here are some key events for this week:
7 February 2023 | RBA Rate Statement
The Reserve Bank of Australia (RBA) increased the cash rate by 25bps to 3.1% at its final meeting of 2022, marking the eighth straight rate hike.
Analysts expect RBA to raise 20bps to 3.3% this month.
10 February 2023 | UK Monthly Gross Domestic Product
The British economy grew 0.1% in November, down from October’s 0.5%.
For December 2022, analysts expect UK GDP to be lower by 0.1%.
10 February 2023 | Canada Employment Change
The Canadian economy created 104,000 jobs in December 2022, while the unemployment rate was at 5%, the lowest since the record-low of 4.9% in June and July, decreasing from 5.1% in the prior month.
Analysts expect another 15,000 jobs in January, much lower than in December 2022, while the unemployment rate will be higher at 5.2%.
10 February 2023 | US Prelim University of Michigan Consumer Sentiment
The University of Michigan consumer sentiment for the US was revised higher to 64.9 in January of 2023, the highest since April 2022, from a preliminary of 64.6.
Analysts expect the data to be around 65 this month.
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