This week the focus of attention will be on the RBA and BoC policy meetings as well as on the NFP report so, how may AUDUSD, USDCAD and USDJPY react?
RBA decision → AUDUSD
Early on Tuesday, the Reserve Bank of Australia (RBA) policy meeting will take place and markets give a 75% probability for a quarter-point rate hike. AUDUSD is still developing beneath the medium-term uptrend line and the 200-day simple moving average (SMA), suggesting more losses may come.
BoC decision → USDCAD
The Bank of Canada (BoC) interest rate decision will come out on Wednesday and no change is expected as the Canadian economy has stopped growing and inflationary pressures are starting to ease. Also, on Friday, the country’s employment report will be released. USDCAD is failing to show any directional movements in the short- and medium-term timeframes.
NFP report → USDJPY
Nonfarm payrolls are expected to reach 206k in February, after reaching a remarkable 517k in January and the unemployment rate is anticipated to increase to 3.5%, while wage growth will rise. USDJPY remains below the 38.2% Fibonacci and the 200-day SMA for the seventh day in a row, so any clues on Monday may give some boost to the pair.
This week the focus of attention will be on the RBA and BoC policy meetings as well as on the NFP report so, how may AUDUSD, USDCAD and USDJPY react?
RBA decision → AUDUSD
Early on Tuesday, the Reserve Bank of Australia (RBA) policy meeting will take place and markets give a 75% probability for a quarter-point rate hike. AUDUSD is still developing beneath the medium-term uptrend line and the 200-day simple moving average (SMA), suggesting more losses may come.
BoC decision → USDCAD
The Bank of Canada (BoC) interest rate decision will come out on Wednesday and no change is expected as the Canadian economy has stopped growing and inflationary pressures are starting to ease. Also, on Friday, the country’s employment report will be released. USDCAD is failing to show any directional movements in the short- and medium-term timeframes.
NFP report → USDJPY
Nonfarm payrolls are expected to reach 206k in February, after reaching a remarkable 517k in January and the unemployment rate is anticipated to increase to 3.5%, while wage growth will rise. USDJPY remains below the 38.2% Fibonacci and the 200-day SMA for the seventh day in a row, so any clues on Monday may give some boost to the pair.
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