Bank of Canada (BOC) will make a statement on December 8, 17:00 GMT+2.
Job data for Canada: a relief or another disappointment?
What will happen?
Canada will publish employment change and an unemployment rate on Friday, at 15:30 MT time. While employment change represents a change in the number of employed people during the previous month, the unemployment rate stands for the percentage of the total workforce that is unemployed and actively seeking employment during the previous month.
How to trade on the Canadian job data?
As the country tightened restrictions to curb coronavirus, employment levels dropped massively in January. While employment change fell by 212.8K, the unemployment rate rose to 9.4% (the highest level since September). Despite this negative news, the release was overshadowed by the disappointing NFP. As a result, the CAD strengthened against the USD but fell against other currencies.
- If the employment change is higher, and the unemployment rate is lower than the forecasts, the CAD will get a boost;
- In case of an alternative scenario, expect a drop of the CAD.
Instruments to trade: USD/CAD, EUR/CAD, GBP/CAD
The United States will publish Flash Manufacturing and Services PMIs on Tuesday at 16:45 GMT+2.
Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.
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.