The market sentiment is mixed, but there are still interesting movements on the market.
5 important events this week will bring us!
- Canadian GDP (Tue, 15:30 MT (12:30 GMT)) – According to analysts, the indicator will advance by 0.1%. If the actual level is higher than the forecasts, the CAD will go up.
- US ISM manufacturing PMI (Tue, 17:00 MT (14:00 GMT)) – Analysts expect the level of PMI to reach 50.4 points. Higher figures will push the USD up.
- Australian retail sales (Fri, 4:30 MT (1:30 GMT)) – Analysts anticipate the level of retail sales to advance by 0.5%. Higher-than-expected figures will boost the US dollar.
- Canadian trade balance (Fri, 15:30 MT (12:30 GMT)) – The difference in value between imported and exported goods are expected to remain at the same level of -1.1 billion dollars. If the actual level is higher, the CAD will be supported.
- US jobs data (Fri, 15:30 MT (12:30 GMT)) – NFP is forecast to increase by 140 thousand jobs, while the unemployment rate will likely remain at the same level and the level of average hourly earnings is forecast to decline by 0.3%. If NFP and average hourly earnings are higher and the unemployment rate is lower than the forecasts, it will make the USD rise.
US Core monthly retails sales will be announced on Friday at 15:30 MT time.
Stock significantly surged: S&P 500 and Nasdaq reached 6-week highs. The market sentiment may deteriorate today as Johnson & Johnson’s Covid-19 vaccine trails have been stopped because of the unexplained illness.
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.