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Fed raise repo rate by 25bps, strong jobs report, stocks fall

  

Significant events to watch:

-Australia (AUD): Australia Interest Rate Decision

-USA (USD): US Jobless Claims

-CANADA (CAD): Canada Employment Change

Australia (AUD): Australia Interest Rate Decision – Reserve Bank of Australia (RBA) board members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short-term interest rates are the primary factor in currency valuation. The interest rate is set at 3.10%.

The report is due Tuesday, 7 February at 03:30 GMT

USA (USD): US Jobless Claims – Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.  Last week’s jobless claims rose to 183K, lower than the forecast of 200K.

The report is due Thursday, 9 February at 13:30 GMT

CANADA (CAD): Canada Employment Change – Employment Change measures the change in the number of people employed. Job creation is an important indicator of consumer spending. The previous number was 104.0K, better than the forecast of 8.0K.

The report is due Friday, 10 February at 09:30 GMT

Risers and Fallers

-USDJPY (+1.197%)

-Nasdaq (-1.97%)

-Amazon Inc. (-8.43%)

-Crude oil (-3.49%)

USDJPY – USDJPY increased 1.197% and is trading at 131.15. The USD has gained over 12% versus the Yen in the last year. Japanese rising inflation and low interest rates had a significant impact on the decline of the Yen. 

Nasdaq (US100) – The Nasdaq was down 1.97% on Friday after stocks declined following a strong NFP report. The index is trading at 12,006.96.

Amazon Inc. (NASDAQ: AMZN) – Amazon stocks declined 8.43% on Friday, closing at $103.39 per share. Amazon is facing a lawsuit brought about by the FTC (Federal Trade Commission) due to accusations that the company prioritizes its own products over third-party sellers. The US FTC will be looking into practices of other e-commerce companies as well. 

Crude oil – Crude oil declined 3.49% reaching $73.23 a barrel. 


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