The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
5 important events this week will bring us!
- British CPI (Wed, 11:30 MT (9:30 GMT time)) – According to forecasts, the indicator of consumer inflation will reach 2.0%. Higher figures will be supportive for the British pound.
- Canadian CPI (Wed, 15:30 MT (12:30 GMT time)) – Analysts anticipate the level of CPI for Canada to advance by 0.1%. If the actual figures are higher, the loonie will rise.
- FOMC rate statement (Wed, 21:00 MT (18:00 GMT time)) – The Federal Open Market Committee will release its monetary policy statement and announce the official rate. No changes to the current interest rate are expected. However, as the worries about the rate cut keep circulating, the projections by the Fed on the future changes to its monetary policy will be in the main focus of traders.
- The Monetary policy statement by the Bank of Japan (Thu, MT time morning hours) – If the most dovish central bank provides more hawkish comments this time, the JPY will go up.
- The monetary policy summary by the Bank of England (Thu, 14:00 MT time) – The interest rate is expected to stay at the same level of 0.75%. We need to pay attention to the tone of the statement amid the political uncertainties.
- According to US Commerce Secretary Wilbur Ross, there are low chances that the trade deal between the US and China will be reached during the meeting between US president Donald Trump and Chinese President Xi Jinping at G20 meeting in Osaka later this month.
- Bitcoin has reached the last May’s highs on Monday. The oldest crypto has been trading near the $9,300 level. Analysts mention the anticipation of Litecoin’s halving and the introduction of Facebook crypto as the bullish news which driving the digital asset.
- The crude oil futures have fallen down at the beginning of the week on the comments by the Saudi Energy Minister Khalid Al-Falih. He expressed hopes to extend output cuts by OPEC+ into the second part of the year.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).