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Markets week ahead: Fed and Bank of England decisions, US employment data, Microsoft, Apple and Amazon report
The last week of January is traditionally very busy and this year is no different. The economic calendar is packed with market-influencing events, including the latest monetary policy decisions from the Federal Reserve and the Bank of England, US nonfarm payrolls, the first look at Germany’s fourth-quarter growth and the euro area, manufacturing and services PMIs from China, and data from Germany and the euro area. inflation data, to mention just a few.
For all the economic data and events affecting the market, consult the Daily FX Calendar
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In addition to the economic calendar, a number of large American technology companies publish their latest fourth quarter results. On Tuesday, Alphabet (GOOG) and the world’s largest company, Microsoft (MSFT), open their books, while on Thursday, three more of the Magnificent Seven, Amazon (AMZN), Apple (APPL) and Meta Platform (META ) publish their results. after the market has closed.
For all results releases, see the DailyFX Earnings Schedule
US stock markets continue to break new multi-year, decadal and all-time highs, as investors remain firmly committed to risk. The next publication of results of the Big 7 will weigh on the indices, due to their large weighting, leaving the markets at risk. Last week, Tesla (TSLA) disappointed the market and plunged about 12% after its earnings were released.
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Tesla Daily Price Chart
ECB leaves interest rates unchanged, EUR/USD indifferent ahead of press conference and US Q4 GDP.
The euro came under pressure last week despite the ECB leaving all monetary policy adjustments intact. Markets are looking at Germany and the euro zone and are now aggressively pricing in a series of interest rate cuts as economic growth in the region stabilizes. The ECB and the market will closely monitor next week’s Eurozone and German GDP data.
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Euro Rate Odds: Six 25bp ECB Cuts Expected?
The US dollar remains the focus, but last week’s price action was apathetic. The US Dollar Index closed within a few pips of where it opened the week, despite a slightly better-than-expected US Core PCE report and a strong advanced Q4 GDP release.
US Dollar Index Daily Chart
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Technical and fundamental forecasts – as of January 22
Gold Price Forecast: Fed Decision to Guide Trend, Critical Levels for XAU/USD
This article focuses on the technical outlook for gold and examines important price thresholds that traders may find relevant in the coming days.
US Dollar Forecast: Dollar at the mercy of the Fed, Bank of England and NFP going forward
The US dollar has benefited from cooling expectations of Fed cuts and strong economic data. The dollar’s rise is likely to continue in a data-heavy week.
Weekly Euro Outlook (EUR/USD): Important data on GDP, employment and inflation on the agenda next week
After a neutral ECB meeting on Thursday, we will see some important EU economic data on the screens next week, including GDP, inflation and employment.
Sterling Weekly Forecast: Could the BoE look more comfortable with rate cuts?
The pound and the dollar will look to their respective central banks this week. Mark-to-market pricing probably poses the greatest risk.
All articles written by DailyFX analysts and strategists