This week is going to see global financial markets be very effervescent with Reserve Bank of Australia (RBA)’s meeting and Non-Farm Employment data in focus in addition to a series of important economic data releases from world's top economies. This article presents the preview of economic calendar targeting to the prospect of the major currencies during the period from Oct 2 to Oct 6.
Monday – 10/02/2017
Two manufacturing PMI releases of the US and the UK will be confirmed on Monday this week. The UK one divulged at 9:30 GMT has been forecasted slightly dropping to 56.3 from its previous report of 56.9, while the U.S. ISM Manufacturing PMI announced at 15:00 GMT has also been predicted being down to 57.9 which is lower than the August figure of 58.8.
Tuesday - 10/03/2017
The Australian Dollar will be the point of the day as RBA’s meeting is taking place at 4:30 GMT. However, economists have anticipated that Australia’s policy interest rate will be left unchanged at 1.50% because RBA President Philip Lowe has already endorsed a wait-and-see approach in August meeting, stressing that a weaker Aussie “is a boon for Australia's exporters and will boost the economic growth”. We suggest waiting for the obvious outcomes before making any trading decision on the AUD-cross currency pairs.
Besides, UK’s Construction PM also is going to be broadcast at 9:30 GMT, expected trivially increasing to 51.2 from the 51.1 level.
Wednesday - 10/04/2017
European Central Bank President Mario Draghi and Federal Reserve Chair Janet Yellen will have speaks on this Wednesday (18:15 and 20:15 GMT). We advise traders not to trade the EUR/USD since this currency pair is likely to tumble all day because both bosses of ECB and FED have driven hawkish stimuli last week, leading both the Euro and Greenback to strengthen.
On the same day, one UK’s and two U.S. economic figures are going to be released. UK’s Services PMI coming out at 9:30 GMT is anticipated to inconsiderably grow to 53.3 from the 53.2 level. Meanwhile, the ADP Non-Farm Employment will be confirmed at 13:15 GMT, predicted strongly declining to 151K from the 237K level reported in late August, and the ISM Non-Manufacturing PMI affirmed at 15:30 GMT has been forecasted at 55.5, slightly up from the last figure of 55.3.
Thursday - 10/05/2017
Both Australia’s Retail Sales and Trade Balance are going to be broadcast at 1:30 GMT on this Thursday. The Retail Sales could possibly increase to 0.3% from the no-growth level, along with a positive Trade Balance figure. Traders can watch for bullish trading opportunities on the AUD-cross pairs given actual information being better than expected.
Canada’s Trade Balance and U.S. initial jobless claims will also be announced at 13:30 GMT on the same day. The first one could be exposed a disappointing outcome, while the second has been predicted having a 2K shrinkage, likely encouraging the Greenback.
Friday - 10/06/2017
Plenty of significant economic figures are going to be reported at 13:30 GMT on Oct 6. Canada’s Employment Change and Unemployment Rate will most likely be negative compared to the August releases, driving the Loonie to descend. Meanwhile, the Greenback could possibly gambol because U.S. Average Hourly Earnings and Non-Farm Employment have been oppositely forecasted. Nevertheless, the Unemployment Rate of the US may continue to remain at the record low 4.4%.