• Fairly lightweight week this week regarding data, nothing of material market-moving impact.
• USD is expected to continue its range move this week with talks around FOMC chatter.
• AUD is likely to follow the USD move due to the lack of economic events influencing the currency.
• USD is expected to take the lead this week and control the market’s movement due to the lack of economic events.
• USD is expected to continue its range/consolidation phase this week.
• The markets are still pricing for the first US rate cut to occur in May.
• AUD is likely to follow the USD trend and take its cues from the US market due to the lack of local economic data.
• There is an Australian public holiday on Friday, resulting in a thinner Australian open liquidity.
• Chinese metal markets may continue to weigh on the Aussie dollar this week as steel makers cut back production.
| Economic Calendar: Mon 22nd January 2024 – Fri 26th January 2024 (High Impact) (AU/US) | |||||
| Day | Time (AEDT) | Event | Country | Forecast | Previous |
| Thur | 1:45am | Flash Manufacturing PMI | US | 47.6 | 47.9 |
| Flash Services PMI | US | 51.0 | 51.4 | ||
| Fri | 12:30am | Advance GDP q/q | US | 2.0% | 4.9% |
| Unemployment Claims | US | 199K | 187K | ||
| All Day | Bank Holiday | AU | N/A | N/A | |
| Sat | 12:30am | Core PCE Price Index m/m | US | 0.2% | 0.1% |
Source: forexfactory.com