Market sentiment dwindles as traders await key data/events.Dismal hopes from US data could surprise traders as bulls seem to struggle of late.
In doing so, the Aussie pair portrays the market’s indecision ahead of the key US Retail Sales and the for December. Also likely to challenge the market’s performance, as well as the Aussie pair, could be the immediate release of the Bank of Japan’s monetary policy announcements. That said, the NY Fed’s business gauge dropped sharply in January to -32.9 versus -4.5 market forecasts and -11.2 prior readings. The data also pushed the Federal Reserve Bank of Richmond’s President and CEO Thomas Barkin to state, “My hope is that we have passed the peak of inflation.” As a result, the US Dollar bulls had a tough ride.
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