• Slightly subdued week regarding high-impact economic data with the RBA headlining.
• Expect no change to the cash rate with main attention to forward guidance and speeches.
• We expect the AUDUSD pair to experience low volatility and range from 0.6470 to 0.6590.
• USD soared last week on the back of very strong employment numbers in the US, surging by 353,000 in January.
• USD will likely trade within a range this week after last week’s high volatility price action. Expecting AUDUSD to range between 0.6470 & 0.6590.
• Fed Chair Powell & RBA Gov Bullocks’ speeches will also be critical to watch and gauge for any golden nuggets on further rate cut information and timing, which could move markets during the respective speeches.
• The RBA is also expected to keep the cash rate on hold as inflation is still relatively high (albeit falling) with an almost 0% chance of a cut, which could see the Aussie push higher slightly.
• Expect choppy price action this week with the AUDUSD.
| Economic Calendar: Mon 5th February 2024 – Fri 9th February 2024 (High Impact) (AU/US) | |||||
| Day | Time (AEDT) | Event | Country | Forecast | Previous |
| Mon | 11:00am | Fed Chair Powell Speaks | US | N/A | N/A |
| Tues | 2:00am | ISM Services PMI | US | 52.0 | 50.6 |
| 2:30pm | Cash Rate / Statement | AU | 4.35% | 4.35% | |
| 3:30pm | RBA Press Conference | AU | N/A | N/A | |
| Fri | 12:30am | Unemployment Claims | US | 219K | 224K |
| 9:30am | RBA Gov Bullock Speaks | AU | N/A | N/A | |
Source: forexfactory.com