While markets spent the first half of the week awaiting the US Federal Reserve’s decision on interest rates, on Thursday and Friday, all eyes will be on April's reports on business activity in the European and US economies.
The US central bank is widely anticipated to keep interest rates steady. Thus, the focus of market participants will shift to April’s data on nonfarm payrolls. Notably, recent statistics have shown persistent inflationary pressures in the United States, contributing to a broad rally in the dollar.
The greenback was in particular demand against the Australian and New Zealand currencies today as these assets serve as liquid substitutes for the Chinese yuan. The yen also extended weakness, as intervention by Japanese authorities had a limited effect.
However, fresh economic data could spark sharp trend reversals. Let’s explore which reports will catch traders’ focus at the end of the week. You are watching a video review of macroeconomic events.
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