Review of economic calendar for the next week (Oct 23 - Oct 27)
The Canadian Dollar and the Euro will be mostly focused this week thanks to the Bank of Canada’s and the European Central Bank’s interest rate decisions entering the spotlight. This article shows our preview of economic calendar targeting to the prospect of the major currencies during the period from Oct 23 to Oct 27.
Monday – 10/23/2017
There are no significant economic data releases on this Monday. Most currency pairs will likely follow clues of technical indicators. We suggest that traders should trade the pairs which have obvious trends with strong momentum such as NZD/USD or USD/CAD.
Tuesday - 10/24/2017
Financial markets are likely to still “sleep” on Tuesday this week since there are no important economic announcements divulged. Following technical guidance once again is recommended.
Wednesday - 10/25/2017
This Wednesday is the most effervescent day of the week because all traders are waiting for a series of crucial reports coming in. The news list is as follows:
Two Australia’s releases are going to be confirmed at 1:30 GMT. The CPI q/q has been predicted to advance to 0.8% from its previous announcement of 0.2%, while the Trimmed Mean CPI q/q data is highly likely to remain at 0.5%. The Aussie could climb versus its G10 FX currencies given the actual information is better than expected.
U.K. Prelim GDP q/q is going to be reported at 9:30 GMT, anticipated to remain unchanged at 0.3%.
U.S. Core Durable Goods Orders m/m will be affirmed at 13:30 GMT. Economists have also forecasted the figure to be at 0.5% which is equal to the newest modified release.
Bank of Canada (BOC)’s Monetary Policy Report is going to be broadcast at 15:00 GMT. Recently, the bullish scenario of the Canadian economy seemed to post a slowdown, along with BOC President Stephen Poloz, in his last meeting, adopting a dovish tone that there would be no clues about the next steps for tightening monetary policy, suggesting that the policy interest rate will be left unchanged at 1.0% this time.
BOC Press Conference will take place at 16:15 GMT. This meeting is very important because it could drive new stimuli to the Loonie in case any hawkish hint is dropped. We suggest paying close attention to Stephen Poloz’s talks.
Thursday - 10/26/2017
The Euro will be in focus on Thursday this week because the European Central Bank (ECB)’s interest rate decision will come in at 12:45 GMT. Last week, ECB President Mario Draghi implied at the fate of QE asset purchases ahead of the forthcoming policy meeting, hinting that the European currency could mount versus its counterparts given hawkish outcomes.
In addition, the U.S. initial jobless claim data will be announced at the same time the ECB meeting takes place (13:30 GMT). Analysts have predicted that the figure could possibly climb to 236K from its previous report of 222K on Oct 19. We suggest observing the Euro - Greenback carefully as the news could make the currency pair advance energetically.
Friday - 10/27/2017
U.S. Advance GDP rate is going to be broadcast at 13:30 GMT on Friday, anticipated to drop to 2.7% from the July release of 3.1%. We advise traders to watch this news since buying opportunities on cross- USD currency pairs could appear if the coming data is worse than predicted.