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!
- FOMC meeting minutes (Wed, 21:00 MT (18:00 GMT)) – If the release contains any hawkish hints on the further Fed’s decisions, the USD will go up.
- Speech by the Fed Chair Powell (Wed, 18:00 MT (15:00 GMT)) – If the Fed Chair provides hawkish comments, the USD will be supported.
- British GDP and manufacturing production (Thu, 11:30 MT (8:30 GMT)) – According to the forecasts, GDP growth is expected to remain at the same level, while the indicator of manufacturing production is forecast to increase by 0.1%. If the actual figures are higher, the British pound may get a positive momentum.
- US CPI and core CPI (Thu, 15:30 MT (12:30 GMT)) – The indicator of a headline consumer inflation is anticipated to increase by 0.1%, while its core level (without food and energy prices) is going to increase by 0.2%, according to analysts. Higher-than-expected figures will be good for US dollar.
- Canadian employment change and unemployment rate (Fri, 15:30 MT (12:30 GMT)) – If the actual level of employment change is higher and the unemployment rate is lower than the forecasts, the Canadian dollar will rise.
- The British pound is awaiting the Brexit court ruling on legislation called “the Benn Act”. It requires the Government to either reach a deal or get Parliament’s approval for a no-deal Brexit by October 19.
- The US-China trade talks are expected to continue on Thursday and Friday in Washington.
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).