What’s the latest & greatest news in the FX markets? We’ve got you covered with our weekly wrap up!
Economic Data Updates
During the week we saw the UK Unemployment rate be better than anticipate (5% actual v 5.2% consensus), the EUR Markit PMI data was considerably better than expected (52.5 actual v 49.1 consensus), being a nice bullish note on the EUR’s very bearish week. The Swiss National Bank held rates as expected, causing some CHF weakness, and the USD GDP Annualized Q4data came in better than expected at 4.3% actual growth v the 4.1% consensus.
Other Interesting Headlines
In other news, North Korea fired missiles into the ocean, sparking panic from Japan as they believed them to be ballistic missiles, the Covid 19 infection and death rates in Germany have spiked considerably again as they prepare for a 3rd pandemic wave. The Kiwi was hit hard this week by selling action, however forecasts remain bullish with traders asking if this is a bottom or pause, as they wait for the travel bubble news from Aus/NZ.
Another interesting piece of news is that the Bank of Japan may be getting involved in Cryptocurrencies sooner rather than later, having put together a formal committee!
That’s it for this week, have a great weekend & stay safe! Hopefully next week we will see gold break out of its current range…