Markets Ahead of Fed Meeting
That day has come, guys! The Fed will hold a meeting at 21:00 GMT+3. It can be a highly impactful event. The markets expect the bank to hint about the timing of tapering.
CAD is in focus
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
Instruments to trade: USD/CAD, AUD/CAD, CAD/JPY
The Canadian retail sales will increase volatility for the pairs above. If you look at the economic calendar, you will notice that there are two types of retail sales. Core retail sales tend to be more significant as they exclude automobile sales, which distort the underlying trend. Whereas retail sales reveal the total value of sales. The last report came out worse than expected – sales contracted by 0.4%, while analysts forecasted a 0.5% increase. Overall, the Canadian economy has managed to rebound after the enormous downfall with sales in June and July surpassing pre-pandemic levels.
- If Canadian retail sales are higher than the forecasts, the CAD will go up.
- If sales are lower than expected, the CAD will go down.
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The FOMC, a committee within the Federal Reserve, will hold an important meeting and press conference on September 22 at 21:00 MT time (GMT+3).
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