The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
5 important things this week will bring us!
- FOMC Meeting Minutes (Wed, 21:00 MT (19:00 GMT) time) – The Federal Reserve announced the “patient” way of its monetary policy and decided to leave its interest rates unchanged during the last meeting in January. The minutes from that meeting will shed more light on the current economic outlook by the Fed. If it contains any supportive data for the greenback, the American currency will go up.
- Australian jobs data (Thu, 2:30 MT (00:30 GMT) time) – the level of employment change is expected to advance by 15.2 thousand jobs. At the same time, the level of the unemployment rate is forecast to remain at the same level of 5%. If employment change is higher and the unemployment rate is lower than the forecasts, the AUD will go up.
- US headline and core durable goods orders (Thu, 15:30 MT (13:30 GMT) time) - According to analysts, the level of durable goods orders will increase by 0.8%, while its core level will rise by 0.2%. The higher-than-expected figures will push the USD higher.
- Canadian retail sales and core retail sales (Fri, 15:30 MT (13:30 GMT) time) - The headline indicator will likely remain at the same level. As for core retail sales, analysts expect it to decline by 0.5%. If the actual releases are higher, it will help the Canadian dollar to rise.
- Speech by the ECB president Mario Draghi (Fri, 17:30 MT (15:30 GMT) time) – the ECB president will speak as he accepts an honorary degree from the University of Bologna. His comments or answers to the questions may provide an opportunity to trade the euro.
- Theresa May plans to dispatch her ministers across Europe during this week in an attempt to save her Brexit agreement and ask the EU members to make concessions so that the party can vote for a re-written deal. She still has 9 days left before the vote in the Parliament on February 27. If her attempts are unsuccessful by that date, the Parliament will take over the process.
- Reportedly, the US and China have made great progress in trade negotiations last week. Next round of the talks will continue in Washington. Hopefully, they provide us with more clues on the conditions of the deal.
- Trump released declaration of a national emergency along the U.S.-Mexico border in an attempt to get funds for building a wall along the US-Mexico border. This news affected the USD negatively.
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).
Last week was full of surprises! Stock indices have shown significant growth…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).