Summary:

• Trader’s will focus on the data from the United States
• As for the Europe, calendar remains bleak
• More important data will come overnight and tomorrow’s morning

The US dollar still licks its wounds after the FOMC’s meeting. The currency has hit its lowest level in more than 2 years on dovish message from the Federal Reserve. Let’s look what could move the markets in upcoming hours:

1:30 pm BST – US Durable Goods –  Economists are looking for a solid 3.5% monthly advance in new orders, the first increase in three months and the strongest rise since last October.  Survey data for July hints at the potential for an acceleration in orders. This month’s flash reading of the US Manufacturing PMI ticked up to 53.4, a four-month high that signals a moderate pace of economic activity for the sector. IHS Markit noted on Monday that new orders for companies posted the strongest print in six months. If the data beats expectations, dollar could regain some of its lost ground. 

11:30 pm BST – Japanese Inflation – Japanese yen gains to the USD, but losses to other major currencies. That’s because the Bank of Japan indicated that it won’t change its policy soon, unlike other central banks. What’s more, in its last monetary policy forecasts the BOJ said that inflation could be even lower than previously expected. That is why the data won’t change much in the Yen’s outlook.

Friday morning:

European GDPs – Gross domestic product from both Spain and France will be published tomorrow in the morning and given the fact that the ECB is on the verge of changing its policy, that could have a solid impact on the euro. A beat in growth would mean that hard data is finally catching soft indicators. It’s also worth looking at the CPIs from the Eurozone members.