Economic News About Forex - October 1, 2024

Market-Moving Events and Economic Indicators

Upcoming Economic Calendar Events

• September 27, 2024:
  • Several key events include the release of China's Industrial Profits (YTD) YoY, Japan's 3-Month Bill Auction, and various European indicators such as Business Confidence, Consumer Confidence, and Retail Sales YoY.
  • The US Core PCE Price Index YoY and MoM are scheduled, which are high-impact events for the USD.

Recent Economic Data Releases

• Japan:
  • The BOJ Core CPI y/y was released at 2.1%, slightly above the forecast of 1.9%.
  • Machinery Orders YoY and MoM showed mixed results, with YoY at 8.7% and MoM at -0.1%.

Currency Pair Movements

• EUR/USD:

  • The pair is under pressure, eyeing the 1.1100 level in the European session, influenced by the US Dollar's strength and upcoming German inflation data and Fed Chair Powell's speech.
  • EUR/USD is also affected by Chinese stimulus efforts and Fed-BoE policy divergence.

• GBP/USD:

  • The pair has been grinding higher to near 1.3400, supported by China's stimulus-driven risk appetite, a subdued US Dollar, and Fed-BoE policy divergence.

Central Bank Activities

• Federal Reserve:

  • Fed Chair Jerome Powell’s upcoming speech is highly anticipated and expected to influence market sentiment and currency pairs like EUR/USD and GBP/USD.

• Bank of Canada:

  • BOC Governor Tiff Macklem’s speeches and the Monetary Policy Report are key events for CAD traders.

• European Central Bank:

  • ECB officials, including Guindos and Schnabel, are scheduled to speak, which could impact EUR pairs.

Economic Indicators and Their Impact

• US Economic Indicators:

  • The Core PCE Price Index, Initial Jobless Claims, and Philadelphia Fed Manufacturing Index are significant indicators that can move the USD.

• Canadian Economic Indicators:

  • GDP MoM, CPI m/m, and Median CPI y/y are crucial for understanding the Canadian economy and its impact on CAD.

• European Economic Indicators:

  • Retail Sales YoY, Business Confidence, and Consumer Confidence are key indicators for the EUR.

Market Sentiment and Trends

• Risk Sentiment:

  • Chinese stimulus efforts have kept risk sentiment positive, despite geopolitical risks, influencing currency pairs and commodity prices.

• Gold and Cryptocurrencies:

  • Gold prices are stable ahead of Powell’s speech, while Bitcoin faces resistance around $66,000 and shows potential for further gains.

Tools for Traders

• Economic Calendars:
  • Real-time economic calendars from sources like Forex Factory, Myfxbook, and FXStreet provide comprehensive and timely data, helping traders anticipate market-moving events.

References https://www.forexfactory.com/calendar https://www.myfxbook.com/forex-economic-calendar https://www.fxstreet.com/news https://www.fxstreet.com/economic-calendar https://www.babypips.com/economic-calendar

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