A look ahead to next week in forex

David Hobart

Now that the foreign exchange trading week is beginning to draw to a close, it’s time to look ahead and see what next week might have in store for traders.

Monday morning, there will be a press conference from the National Bureau of Statistics in China.

This is due to happen at 2am GMT and may shed some light on the ongoing economic performance of the country amid trade woes with the United States.

Italian consumer price index data for August is due out at 8am GMT.

Last year, it was recorded at 0.5%.

Looking ahead to Tuesday, the minutes of the most recent meeting of the Reserve Bank of Australia will be released at 1:30am GMT.

This is likely to share some insights into the decision-making process behind the Bank’s most recent interest rate move.

This will be followed by an economic forecasts report from the Swiss State Secretariat for Economic Affairs.

Later in the day, a German survey into economic sentiment is expected, covering the month of September.

This is due out at 9am GMT and is expected to show a change from -44.1 to -28.5.

If this change transpires, it will be welcomed by traders who have recently seen Germany’s flagging economy as something of a cause for concern.

Industrial production figures for August will be out of the US at 1:15pm GMT.

It is expected that they will reveal a month on month change from -0.2% to +0.2%.

Total Japanese merchandise trade balance figures for August will be out at 11:50pm GMT.

Shortly afterwards on Wednesday morning, there will be a release covering house prices in Australia in the second quarter of the year.

This was last recorded at -7.4%.

British retail price index data for August will be out at 8:30am GMT, covering August.

Year on year, this was last recorded at 2.8%.

Month on month, however, it was last seen at 0%.

British consumer price index data for August will be out at 8:30am GMT too.

This was last recorded year on year at 2.1%.

It’s a big day for consumer price indices, with the Europe-wide figure expected to come out at 9am GMT.

Core consumer prices for August are predicted to show a year on year change from -0.6% to -0.5%.

Year on year, they are due to show no change from their previous position of 0.9%.

The Bank of Canada’s core consumer price index is expected to come out at 12:30pm GMT – again covering August.

This was last recorded year on year at 2%.

The major event of the day, however, is likely to be the interest rate decision released by the US Federal Reserve.

This was last recorded at 2.25%.

As yet, there is still not an analyst consensus in place on whether or not the Fed will cut interest rates by a further number of basis points.

However, there is feverish speculation that rates will be brought down by the Bank – probably by a quarter of a percentage point, to 2%.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.

David Hobart
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