Week 8 data: Gold and GBPUSD. What’s in it for the short-term outlook?

ExnessOfficial

Exness Representative
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This preview of weekly data looks at XAUUSD and GBPUSD where economic data coming up later this week are the main drivers in the markets for the near short-term outlook. The most important economic data for this week are:

Tuesday:

  • RBA meeting minutes at 12:30 AM GMT are anticipated by the market participants to get a glimpse of the short-term action plan of the Reserve Bank of Australia. More dovish commenting might be seen as a weakness of the Aussie dollar creating some minor push on the price to the downside and vice versa.
  • Canadian Inflation rate at 13:30 GMT. The anticipation here is for a decline of around 0.2% reaching the figure of 3.2%. In the event of this anticipation becoming reality then the loonie might see some short-term losses against its pairs.
  • Japanese Balance of trade at 11:50 PM GMT where the expectations are for a decline in the figure from ¥62.1 billion to ¥-1,925.9 billion for the month of January. If the expectations are correct then the yen could face some pressure against the currencies traded against it.
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