AUD/USD
-0.11%
February 1, 2024
February 2024 EVENTS
From January 2024 OPEC extended its existing supply cuts of 3.66 million barrels per day which is due to last until the end of 2024. It also agreed to reduce production on a voluntary basis (Saudi Arabia and Russia) by an additional 1.4 mln bpd. This month’s JMMC meeting will be held online.
The Monetary Policy Committee of the Bank of England will meet to decide on interest rates. The current rate is 5.25%. The rate was unchanged on December 14th and it was last raised by 50 basis points at the meeting in August.
Possible Influence: Volatile British Pound and British stocks
January’s ISM Manufacturing PMI is expected to print 47. The previous print was 47.4.
Possible influence: Volatile US Dollar, Gold and US Stocks
The Unemployment rate for January is expected to print at 3.8%. The previous month had unemployment at 3.7%. Non-Farm Payrolls for December are expected to come in at 173,000 Nonfarm Payrolls for the previous month printed 216,000.
Possible Influence: Volatile US Dollar, Gold and US Stocks
The RBA will meet to decide on interest rates. The current rate is 4.35%.
Possible Influence: Volatile Australian Dollar
Core CPI (excluding food and energy) was 3.9%, Year-over-Year in December. Top-line CPI for December came in at 3.4%, above the expected 3.2%.
Possible Influence: Volatile US Dollar, Gold and US Stocks
Retail Sales grew by 0.6%, Month-over-Month, in December, which was higher than expected by the market.
Possible Influence: Volatile US Dollar, Gold and US Stocks
The 4th Quarter earnings season continues in February with many companies still to declare their results. Toyota will reveal its results on Feb 6th. Popular chip stocks ARM and NVIDIA will declare their earnings on Feb 7th and Feb 21st respectively. Alibaba and Walt Disney will also post on Feb 7th while Moderna will post results on Feb 22nd.
Possible Influence: Volatile US Stocks
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