Monday 31st Jan: Heavy event driven week ahead for the majors, GDP figure disappoints the market

Weaker than expected Q4 GDP was the main driver of the market on Friday.
However after a brief sell off in the dollar it regained its trading range against the majors. The market expected the GDP figure at 3.5 percent but it was disappointed by only a 3.1 percent figure, which was the lowest since 2001.
The oil prices settled as OPEC said that the supply would continue to be maintained at the current levels.
Currency traders refuse to bend on either direction as the coming week is heavily ‘event driven’ including the Fed monetary policy meet, the G7 meet, the Iraq elections and the payrolls data to wrap it all up. With such events taking place the market movement could be volatile until the outcome of each of the events is analyzed.
The other event clouding the market for a long time now is the speculation over China’s possible revaluation of Yuan. Conflicting views and comments emanating from different countries continue to leave the markets confused.
The single currency hit a high of $1.3080 before it retraced back towards the mid $1.30 levels while the pound after hitting $1.89 slipped to $1.8880 levels. But Yen saw some see saw movement mostly on speculative trades over Yuan revaluation.