Review of economic calendar for the next week (Oct 16 - Oct 20)

This week has plenty of significant economic data releases from various top-tier countries enter the spotlight, driving financial markets to be largely buoyant. This article presents our preview of economic calendar targeting to the prospect of the major currencies during the period from Oct 16 to Oct 20.

Monday – 10/16/2017

New Zealand’s CPI q/q will be confirmed at 22:45 GMT on Monday. Economists have forecasted that it might rise well to 0.4% from the no-growth level. Hence, traders can watch to enter buying positions given data divulged being better than expected.

Tuesday - 10/17/2017

Australia’s Monetary Policy Meeting Minutes will take place at 1:30 GMT. However, there will most likely be no fireworks because the Reserve Bank of Australia (RBA) has planned to keep interest rates low to accelerate the economic growth.

On the same day, UK’s CPI y/y is going to be announced at 9:30, expected to slightly rise to 0.3% from its previous release of 2.9%. Besides, Bank of England (BOE) Governor Carney will also speak at 11:15 GMT. Given a hawkish rhetoric adopted, the Pound Sterling will likely shoot up against its crosses.

Wednesday - 10/18/2017

European Central Bank (ECB) President Mario Draghi will have a speech on Wednesday this week. Last week, he fought back German votes for tightening monetary policy in near-term, leading to a more-dovish-than-forecasted meeting. Therefore, there is little chance for a hawkish tone on Oct 18, suggesting that the Euro may decline versus major currencies.

In a separate development, U.K. Average Earnings Index 3m/y will be broadcast at 9:30 GMT with anticipation that it will not change compared to the prior report of 2.1%.

U.S. Building Permits data will also be affirmed at 13:30 GMT, predicted to trivially drop to 1.25M from its previous announcement of 1.27M.

Thursday - 10/19/2017

A string of important economic reports will come in on this Thursday as follows:

  • Two Australia’s data releases are going to be confirmed at 1:30 GMT. The Employment Change figure has been forecasted to strongly plunge to 15.2K from its last announcement of 54.2K in September, while the Unemployment Rate may remain unchanged at 5.6%. Traders can observe to enter bearish orders on the AUD-cross pairs in case the actual information is less than anticipated.

  • Both China’s GDP q/y and Industrial Production y/y will be divulged at 3:00 GMT. The GDP q/y rate is prognosticated to gently slide to 6.8% from the 6.9% level, while PRC’s Industrial Production data could possibly advance by 0.4% compared to its September rate of 6.0%.

  • U.K. Retail Sales m/m will come in at 9:30 GMT, foreseen to strongly decline below the no-growth level from its past release of 1.0% by analysts. If the forthcoming figure is worse than anticipated, the Sterling could be strongly pushed lower against its FX counterparts.

  • U.S. economy may see a 2K expansion in initial jobless claims as the Unemployment data has been forecasted to climb to 245K from the 243K level.
Friday - 10/20/2017

There are two Canada’s economic announcements by the end of this week. The CPI m/m is highly likely to fall from the 0.1% level, along with the Core Retail Sales m/m rate. We suggest positioning bearish orders on the CAD-cross pairs if actual data are less than predicted.
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