The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.
Parliamentary Brexit vote may move the GBP
The endless Brexit loop continues to intrigue traders.Today, the main focus will be on the Parliamentary Brexit vote around 20:30 MT. If the deal by the UK PM Boris Johnson gets a good number of votes, the GBP may be supported. Otherwise, if the deal is rejected, the GBP will be under pressure. Reportedly, the second scenario may push Boris Johnson to call for an election. This news will also be negative for the GBP. At the moment, GBP/USD has been going up towards the 1.2985 level on H4. If the pound gets stronger, this level will be broken. Bulls will target the further resistance levels at 1.3011 and 1.3059. In case of a negative scenario, the cable will slide below the 1.29 level. Further support levels will be placed at 1.2864 and 1.2834.
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.
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.