Week six, 2024 data: oil and gold

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 drivers in the markets for the short-term outlook. The most important economic data for this week are:

Monday: US Services PMI at 15:00 GMT for the month of January. The consensus is for an increase from 50.6 points to 52. This could be bullish news for the Dollar since it would mean that the services sector in the States is still expanding, given that the actual figure will also be above the 50-point mark.

Tuesday: RBA interest rate decision at 03:30 GMT, where the market is expecting that the interest rates will remain stable at 4.35%. In the event, however, that there is a surprise hike or cut by the Reserve Bank, it might create minor gains or losses for the Aussie Dollar, respectively.

Wednesday: Canadian Balance of Trade at 13:30 GMT, where the expectations are for a decrease, reaching C$1.1 Billion in trade surplus. This might not have a significant effect on the Canadian Dollar since the data is for the month of December and might already have been priced in.

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