The main events this week will be data on the labor market (Nonfarm Payrolls) in the United States, as well as interest rate meetings of the Central Banks of the United States, the United Kingdom, and Australia. Analysts forecast that the Bank of England (BoE) and the Federal Reserve (RBA) will raise interest rates by 0.75%. Investors should also keep a close eye on European data, especially inflation and GDP. Also, this week there will be a lot of macroeconomic statistics on manufacturing PMIs and services PMI data, which will give an indication of global economic trends in key economies. It should also be noted that it is the reporting season now – companies are showing their results for the previous quarter.
Monday, October 31
On Monday, traders will mainly focus on the economic Eurozone data: inflation rate and GDP for the last quarter. It is expected that the annual inflation rate to show signs of slowing, while GDP data will point to weak growth.
Main events of the day:
- – Japan Industrial Production (m/m) at 01:50 (GMT+2);
- – Japan Retail Sales (m/m) at 01:50 (GMT+2);
- – Australia Retail Sales (m/m) at 02:30 (GMT+2);
- – China Manufacturing PMI (m/m) at 03:30 (GMT+2);
- – China Non-Manufacturing PMI (m/m) at 03:30 (GMT+2);
- – German Retail Sales (m/m) at 09:00 (GMT+2);
- – Switzerland Retail Sales (m/m) at 09:30 (GMT+2);
- – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+2);
- – Eurozone GDP (q/q) at 12:00 (GMT+2);
- – US Chicago PMI (m/m) at 15:45 (GMT+2).
Tuesday, November 01
The main event of Tuesday will be the decision of the Central Bank of Australia on the interest rate. Australia's central bank is expected to raise the interest rate by 0.25%. Volatility in currency pairs with the Australian dollar will increase. Traders should also pay attention to the Manufacturing PMI data in Japan, the United Kingdom, and the United States. It’s a bank holiday in France and Italy.
Main events of the day:
- – Japan Manufacturing PMI (m/m) at 02:30 (GMT+2);
- – Australia RBA Interest Rate Decision (m/m) at 05:30 (GMT+2);
- – Australia RBA Rate Statement (m/m) at 05:30 (GMT+2);
- – Australia RBA Governor Lowe Speaks (m/m) at 10:20 (GMT+2);
- – UK Manufacturing PMI (m/m) at 11:30 (GMT+2);
- – Canada Manufacturing PMI (m/m) at 15:30 (GMT+2);
- – US ISM Manufacturing PMI (m/m) at 16:00 (GMT+2);
- – US JOLTs Job Openings (m/m) at 16:00 (GMT+2);
- – New Zealand RBNZ Financial Stability Report at 22:00 (GMT+2);
- – New Zealand Unemployment Rate at 23:45 (GMT+2).
Wednesday, November 02
Wednesday will bring various statistics for many countries. The Fed will hold a monetary policy meeting where it is expected to raise the interest rate by 0.75%. Volatility on currencies with the US dollar and gold will be high. Investors should also pay attention to the speech of the heads of the central banks of New Zealand and Canada. Also, that day will be published a lot of macrostatistics on the Manufacturing PMI data from different countries. The US Crude Oil Reserves data, which has a great impact on oil prices, should also be in focus.
Main events of the day:
- – New Zealand RBNZ Gov Orr Speaks at 00:00 (GMT+2);
- – Japan Monetary Policy Meeting Minutes at 01:50 (GMT+2);
- – Spanish Manufacturing PMI (m/m) at 10:15 (GMT+2);
- – Italian Manufacturing PMI (m/m) at 10:45 (GMT+2);
- – French Manufacturing PMI (m/m) at 10:50 (GMT+2);
- – German Manufacturing PMI (m/m) at 10:55 (GMT+2);
- – German Unemployment Rate (m/m) at 10:55 (GMT+2);
- – Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+2);
- – US ADP Nonfarm Employment Change (m/m) at 14:15 (GMT+2);
- – US Crude Oil Reserves (w/w) at 16:30 (GMT+2);
- – US FOMC Statement at 20:00 (GMT+2);
- – US Fed Interest Rate Decision at 20:00 (GMT+2);
- – US FOMC Press Conference at 20:30 (GMT+2).
Thursday, November 03
On Thursday, traders will mainly focus on the Interest Rate Decisions from the Bank of England. According to preliminary data, the BOE is expected to hike rates by 0.75% to curb inflation, which is at its highest in forty years. Investors should also keep a close eye on the inflation rate in Switzerland. It’s a bank holiday in Japan.
Main events of the day:
- – Switzerland Consumer Price Index (m/m) at 09:30 (GMT+2);
- – Norwegian Interest Rate Decision (m/m) at 11:00 (GMT+2);
- – UK Services PMI (m/m) at 11:30 (GMT+2);
- – Eurozone Unemployment Rate (m/m) a 12:00 (GMT+2);
- – UK BoE Interest Rate Decision (m/m) at 14:00 (GMT+2);
- – UK BoE Monetary Policy Statement (m/m) at 14:00 (GMT+2);
- – UK BoE Gov Bailey Speaks at 14:30 (GMT+2);
- – US Initial Jobless Claims (w/w) at 14:30 (GMT+2);
- – Canada Building Permits (m/m) at 14:30 (GMT+2);
- – US ISM Services PMI (m/m) at 16:00 (GMT+2);
- – US Natural Gas Storage (w/w) at 16:30 (GMT+2).
Friday, November 04
The most important Friday release is Nonfarm Payrolls. This data can trigger increased volatility in the market, and this indicator is also taken into account by the Fed to adjust monetary policy. Indications of continued strength in the labor market could add to bets on how aggressive the Fed may be in tightening monetary policy at the December meeting. Traders should also keep a close eye on the Australia RBA Monetary Policy Statement.
Main events of the day:
- – Australia RBA Monetary Policy Statement (m/m) at 02:30 (GMT+2);
- – Japan Services PMI (m/m) at 03:30 (GMT+2);
- – Eurozone Services PMI (m/m) at 11:00 (GMT+2);
- – UK Construction PMI (m/m) at 11:30 (GMT+2);
- – Eurozone ECB President Lagarde Speaks at 11:30 (GMT+2);
- – US Nonfarm Payrolls (m/m) at 14:30 (GMT+2);
- – US Unemployment Rate (m/m) at 14:30 (GMT+2);
- – Canada Unemployment Rate (m/m) at 14:30 (GMT+2);
- – Canada Ivey PMI (m/m) at 16:00 (GMT+2).
by , 2022.10.31
We advise you to get acquainted with the daily forecasts for the major currency pairs.This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
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