USD: FOMC meeting, NFP and Trump speech.
This article is originally referred from Orbex Market Preview.
Another busy week for the U.S. dollar data will be dominated by the speech by the U.S. President Trump.
Known for his rhetoric the markets will be paying close attention to what Trump has to say.
This week will also see the FOMC meeting that will be held on Wednesday.
No changes are expected to the U.S. short term Fed funds rates which are widely tipped to remain steady at 1.50%.
This week’s FOMC meeting will also be the last meetings chaired by the outgoing Fed Chair, Janet Yellen.
Economic data over the week includes the core PCE data which is closely watched by Fed officials.
Initial estimates point to a modest increase in the core PCE data with the annual pace of increase expected to rise 1.6%.
Later in the week, the ADP payrolls report come out on Wednesday for the month of January.
This will set the tone for Friday’s payrolls report.
Estimates show that the U.S. unemployment rate might have held steady at 4.1% while average earnings are expected to rise at a pace of 0.3% on the month which would mark the same pace of increase as in December.
Winding off the week, the ISM’s manufacturing PMI data is expected to decline only modestly after rising in December last year.
Original Source: Orbex Market Preview