Review of economic calendar for the next week (Oct 30 - Nov 3)
This week will surely be a tremendous week with a string of central bank’s interest rate decisions entering the spotlight along with a series of significant releases including Non-Farm Employment report. This article shows our preview of economic calendar targeting to the prospect of the major currencies during the period from Oct 30 to Nov 3.
Monday – 10/30/2017
Monday this week sees no crucial economic announcements come in, therefore financial markets are likely to remain steady. However, we suggest not opening any positions on Oct 30 because global traders and investors are keeping their eyes on the coming rate decisions, which will likely lead to abstract movements.
Tuesday - 10/31/2017
The effervescence will be kicked off by Bank of Japan’s Press Conference which is going to take place at 7:30 GMT. There are few expectations for any actual moves ahead as a Bloomberg report participated by people familiar with the BOJ’s discussions said that the central bank “may be considering a small cut to their inflation projections for this fiscal year, which ends in March of 2018”.
On the same day, Canada’s GDP will be confirmed at 13:30 GMT, expected to rise to 0.1% from the no- growth level. Meanwhile, U.S. CB Consumer Confidence is going to be reported at 15:00 GMT with a prediction that it will climb to 121.1 from the previous 119.8.
Both New Zealand’s Employment Change and Unemployment Rate will also be released at 22:45 GMT. The Kiwi may find fuels to rise versus its counterparts since the Employment Change data is highly likely to make a surge from its negative level of -0.2%, while the Unemployment Rate could drop to 4.7%, the lowest level since May 2009.
Wednesday - 11/01/2017
The Fed’s rate decision coming in at 19:00 GMT will be the most important announcement on Wednesday. In recent week, a series of U.S. economic announcements were reported positively, leading the US dollar to trade higher. However, this currency is now under pressure of upcoming Trump Fed pick along with inflation not reaching the 2% target. By the way, Fed’s Janet Yellen said there would surely be “a rate hike in December 2017”, hence, the meeting this time will likely end with a wait-and- see approach brought in.
Besides, there are a series of economic data releases reported on the same day as follows:
UK’s Manufacturing PMI will come in at 10:30 GMT, likely remaining at 55.9.
U.S. ADP Non-Farm Employment figure will be reported at 13:15 GMT. Analysts hope it will surge to 191K from its last data of 135K.
U.S. ISM Manufacturing PMI will print at 15:00 GMT, anticipated to drop to 59.4 from the 60.8 data.
Thursday - 11/02/2017
The buoyant trend will continue with the Bank of England’s rate decision (13:00 GMT). Economists have forecasted that the BOE is likely to double its interest rates to 0.5% because of high inflation issue. MPC Official Bank Rate Votes showed that all the members will likely vote for a hawkish move. However, we advise traders not to open bullish orders on the Sterling, because the interest rate hike this time is not a good thing for the UK economy, which has been sluggish since Brexit.
On the same day, there are also other notable economic announcements as follows:
Australia’s Trade Balance reported at 1:30 GMT is expected to surge to 1.20B from the previous 0.99B.
U.K. Construction PMI coming at 10:30 GMT is forecasted to rise to 48.9 from the 48.1 level.
U.S. Unemployment Claims (13:30 GMT) can trivially increase to 235K from its last report of 233K.
Friday - 11/03/2017
There are going to be a basket of crucial announcements as follows:
Australia’s Retail Sales rate printing at 1:30 GMT is anticipated to mount to 0.5% from its negative -0.6%.
U.K. Services PMI will be affirmed at 10:30 GMT, foreseen to fall to 53.3 from the previous report of 53.6.
Both Canada’s Employment Change and Unemployment Rate are going to be confirmed at 13:30 GMT. Economists forecast there will be a 3.6K expansion in Canadian Employment, while the Unemployment Rate is likely to remain at the record low 6.2%.
U.S. Non-Farm Employment Change expected to mount to 311K from the negative -33K in contrast with the Average Hourly Earnings rate anticipated to drop by 0.3% will likely collapse the US Dollar. The Unemployment Rate may continue at 4.2%. All these news comes in at 13:30 GMT.
U.S. ISM Non-Manufacturing PMI reported at 15:00 GMT is foreseen to drop to 58.3 from the previous figure of 59.8.