The US dollar turned to the upside on Monday. Let's discuss what to expect next from the market.
All attention to USD
US ISM Manufacturing PMI is coming out on Thursday at 17:00 MT time! Be ready!
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
This report is considerably significant both for the US dollar and the whole Forex market as the USD is a part of many pairs. Manufacturing PMI reveals the current state of the business environment in the United States. In general, this is the survey of 300 purchasing managers, which depicts how they rate ongoing business conditions. The indicator above 50 demonstrates the expansion of the industry, while the indicator below 50 signals the contraction. Moreover, this report will give a hint of what Friday’s NFP may be like.
- If US ISM Manufacturing PMI is better than estimates, the USD will rise!
- If US ISM Manufacturing PMI is worse than estimates, the USD will drop!
Three main drivers of the market: the stimulus package, the US presidential election and the coronavirus. Let's look how market reacts.
The USA will publish unemployment claims on October 22 at 15:30 MT time. How to trade after the release?
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
The European Central Bank publishes the monetary policy statement alongside with an update on the interest rate on October 29, at 14:45 MT time.