A new forex week has landed – what’s happening?

David Hobart

Now that a new foreign exchange trading week is underway, it’s useful to look ahead and assess what’s listed on the economic calendar in the coming days.

Monday will follow the pattern of previous weeks by remaining somewhat light on the economic calendar front.

The main event of the day is likely to be the US factory orders release for September, which is due out at 3pm GMT.

Month on month, this is expected to show a change from -0.1% to -0.5%.

There will be a speech from the new president of the European Central Bank, Christine Lagarde, at 7:30pm GMT.

In Asia, Japanese monetary base data for October will be out at 11:50pm GMT.

This is expected to show a change from 3% to 2.9%.

On Tuesday, there will be a like for like retail sales data release out of Britain at 12:01am GMT.

Year on year, this is expected to show a change from -1.7% to +0.5%.

The Reserve Bank of Australia will release its interest rate decision at 3:30am GMT.

This is likely to dominate the central banking agenda for the first half of the week.

So far, it is widely expected that the rate will not show any changes from its current position of 0.75%.

In Europe, a producer price index for September will be out at 10am GMT.

This is widely expected to show a month on month change from -0.5% to +0.1%.

US trade balance data will be released at 1:30pm GMT for September.

Canadian trade balance data will be out at the same time, again covering September.

However, the main North American event to watch out for on the calendar will be the ISM’s non-manufacturing purchasing managers’ index, which is due out at 3pm GMT.

This will cover October and is expected to show a change from 52.6 to 53.4.

At the end of the day, the Bank of Japan’s monetary policy minutes will be released.

These are due out at 11:50pm GMT.

On Wednesday, there’ll be a series of speeches from senior central bankers at the European Central Bank.

At 9am GMT, there will be one from Luis De Guindos, who serves as the vice president of the European Central Bank.

At 9:30am GMT, Yves Mersch, who serves on the Executive Board of the Bank, will speak.

Later in the day, some insight into the state of the US labour market is likely to come out.

At 1:30pm GMT, preliminary non-farm productivity figures will be released.

These are forecast to show a change from 2.3% to 1% and will cover Q3 of 2019.

Preliminary unit labour costs for the same period will be out at the same time.

These are predicted to show a change from 2.6% to 2.7%.

On Thursday, a meeting of the Eurogroup – which brings together finance ministers from across Europe as well as the president of the European Central Bank – will take place all day.

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David Hobart
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