ExnessOfficial
Exness Representative
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This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook. The most important economic data for this week are:
Tuesday:
Tuesday:
- US Services PMI at 15:00 GMT for the month of February. The consensus is for a slight decrease of 0.4 points reaching 53. This might be rather bullish news for the Dollar since it would mean that the services sector in the States is still expanding for the whole of 2024 so far.
- Australian GDP growth rate at 12:30 AM GMT. The market consensus is for a decline in the figure to reach 1.4% against the previous 2.1%. If the consensus is confirmed then it could potentially create some short-term losses on the Australian dollar against its pairs.
- US job openings are expected to be released at 15:00 GMT. The expectations are for a decline in the figure of around 131,000 jobs but this might not have a significant effect on the dollar since the data is for the month of January and also all eyes will be focusing on the job report later this week for a more accurate conclusion on the labor market.
- Fed chair Testimony: Jerome Powell is expected to talk cautiously about lowering interest rates when he speaks to Congress this week on Wednesday and Thursday. He'll likely stress the need for clear proof that inflation is moving toward the Federal Reserve target of 2%. Some officials at the Federal Reserve suggest delaying rate cuts, but most people expect a change in the middle of the year, depending on how the economy is doing. This careful approach is in line with the central bank's efforts to balance economic growth and stable prices.
