Daily Update
When the US market opened, the USD temporarily depreciated mainly due to the fact that the data from US Market Service PMI did not meet expectations. Markit gauge of services activity in the US, showed a slowdown in the Economic growth in December. The Markit Flash US Services PMI turned out to be negative in comparison to the previous month. Meanwhile, the seasonally adjusted Markit Flash US Composite PMI Output Index registered 53.7 in December, down from 54.9 in November, to signal the slowest upturn in private sector output for three months. Later in the day, we saw the USD gained its momentum after the Federal Reserve Chairperson Janet Yellen’s Speech. Janet Yellens Speech, stated that U.S. job market is strongest in nearly a decade and adds that indications in wage growth is picking up. This statement sent a positive confidence to the investors over USD, which resulted a boost in USD Dollar Index which in return caused downward pressure on rival currencies. The day will started with reports from Australia, where they released the RBA Meeting Minutes. The minutes of the December RBA meeting held recently for Interest Rate Decision will give an insight to the general public on the current trend of Australian Economic conditions. Later on Interest Rate Decision for japan will be announced by Bank of Japan followed by a speech from BoJ's governor Kuroda , where he will give a press conference in order to communicate with investors regarding monetary policy. He is expected to talk about the factors that affected the most recent interest rate decision, the overall economic outlook, inflation, and clues regarding future monetary policy. Next up will be Producer Price Index from Germany which measures the average changes in prices in the German primary markets. Changes in the PPI are widely followed as an indicator of commodity inflation.Yesterday's Market
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