On Monday, the ISM Services PMI is particularly important since the services sector accounts for 70% of the US GDP. A significant miss in this data could signal dollar weakness and increase the likelihood of interest rate cuts. Additionally, the RBA interest rate decision is crucial, especially given the rising inflation and tight labor market in Australia. If the Reserve Bank of Australia hints at potential interest rate hikes, it could boost the Australian and New Zealand dollars.
Tuesday brings New Zealand labor data, which, while important for the New Zealand dollar, may not be a major market mover unless there's a substantial miss. Wednesday and Thursday are expected to be quiet with no major economic events.
Friday's Canadian labor data will be significant for the Bank of Canada. A weak labor market could increase the chances of further interest rate cuts to alleviate pressure on mortgage holders.
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EUR/USD stays in tight range near 1.0400 ahead of US data
EUR/USD moves sideways at around 1.0400 on Thursday. The pair struggles to gain traction as US President Trump's tariff threats against the EU and expectations for a dovish ECB outlook make it difficult for the Euro to find demand ahead of US data.
GBP/USD stabilizes around 1.2300 as USD holds ground
GBP/USD fluctuates near 1.2300 in the second half of the day on Thursday. The pair meets supply as the US Dollar stabilizes and traders digest US President Trump's tariff talks, gearing up for the mid-tier US economic data later in the day.
Gold price sticks to negative bias, remains close to multi-month peak set on Wednesday
Gold price (XAU/USD) remains depressed through the first half of the European session on Thursday and for now, seems to have snapped a three-day winning streak to its highest level since early November touched the previous day.
Bitcoin edges below $102K ahead of mid-tier US data and Trump’s tariff threats
Bitcoin’s (BTC) price continues to decline, trading below $102,000 at the time of writing on Thursday after falling 2.3% the previous day. Later in the day, BTC could expect volatility after the US weekly Initial Jobless Claims data release.
Netflix posts record quarter, as Trump talks tariffs on China
There has been a positive tone to risk this week, as the market digests Trump 2.0. However, Trump is not the only show in town. Earnings reports are also a key driver of stock indices, and the news is good.
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