The British monthly GDP is announced on Friday at 09:00 MT time.
5 important things this week will bring us!
- Australian NAB business confidence level (Tue, 3:30 MT time) - The digits for the previous period have been the lowest since the beginning of the year. It is connected with trade wars between the US and China and falling prices on the housing market. Will this month’s data outperform the previous one?
- The August GDP and manufacturing production level for Great Britain (Wed, 11:30 MT time) – The GDP is expected to increase by 0.1% after reaching 0.3% in July. At the same time manufacturing production is forecast to expand by 0.1%. Remember that if the actual numbers are higher than the forecasts, the GBP will grow.
- The US producer price index (PPI) (Wed, 15:30 MT time) - economists expect the indicator to increase by 0.2% in September.
- The US consumer price index (CPI) and core CPI (Thu, 15:30 MT time) – CPI as well as core CPI will grow by 0.2% in September according to experts.
- The US crude oil inventories (Thu, 18:00 MT time) – The change in the number of oil barrels have an effect on the prices of Brent and WTI. It affects the Canadian dollar too. Do not forget to follow USD/CAD!
- Further trade tensions between China and the United States are coming. Right now the USA is seeking the way to prevent Japan, the UK and the EU from making separate trade agreements in order to isolate “non-market” China.
- Italian crisis does not mean Italy is going to leave the EU any time soon.
- More details on Brexit are anticipated as the Brexit summit is planned on October 17.
Follow us for more news and have a successful week of trading!
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.