Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
Canadian dollar is awaiting the jobs data
Canada will release the level of employment change and unemployment rate on October 11, at 15:30 MT time. The employment change represents the change in the number of employed people during the previous month. Last time, this indicator showed a great increase by 81.1 thousand jobs. The unemployment change, which is the percentage of the total unemployed workforce, stood at the same level of 5.7%. That scenario resulted in the rise of the Canadian currency. If this time the situation repeats itself, bulls of the CAD will be excited again.
• If the employment change is higher and the unemployment rate is lower than the forecasts, the CAD will go up;
• If the employment change is lower and the unemployment rate is higher than the forecasts, the CAD will go down.
Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.
Bank of Canada (BOC) will make a statement on December 8, 17:00 GMT+2.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.