A new week in forex: what should traders watch for?

Denise Jackson

Now that a new foreign exchange trading week is here, it’s time for traders to check out what’s on the cards over the course of the coming days.

Monday afternoon will be uncharacteristically quiet as the markets get back up and running again.

A couple of central banker speeches will take place.

At 1:15pm GMT, the US Federal Reserve’s Eric Rosengren, who is president and CEO of the Federal Reserve Bank of Boston will speak at an event in Oslo in Norway.

At 3:30pm GMT, Yves Mersch – who sits on the Executive Board of the European Central Bank – will speak as well.

Tuesday there will be some early action from the Antipodean region in the GMT time zone.

The National Australia Bank will release its business conditions expectations for October at 12:30am GMT, and it will bring out its business confidence data for the same period at the same time.

The Reserve Bank of New Zealand is scheduled on the calendar to publish how it expects inflation in the country to pan out over the remainder of Q4 of 2019 at 2am GMT.

Over in Europe, more central banker speeches are expected fairly early on in the morning.

Benoît Cœuré, who sits on the European Central Bank’s Executive Board, is scheduled to speak at 8am GMT.

Yves Mersch from the same bank will make his second appearance in 24 hours when he speaks at 8:30am GMT.

In Britain, overall ILO unemployment figures for September will be out at 9:30am GMT.

This is expected to show no change from its previous position of 3.9%.

A Europe-wide economic sentiment survey covering the month of November is expected at 10am GMT.

The survey, from the ZEW, is forecast by some analysts to show a change from -23.5 to -32.5.

A speech from the US Federal Reserve’s Richard Clarida, who is a vice chairman of the Fed’s Board of Governors, is due to occur at 10:30am GMT.

This speech will focus on “Monetary Policy, Price Stability, and Bond Yields”, and is set to take place at the High-Level Conference on Global Risk, Uncertainty, and Volatility which is happening in Switzerland.

Later in the day, Japanese producer price index information will be out – covering October.

This is predicted to show a month on month change from 0% to 1.2%.

Action will continue overnight into Wednesday thanks to the Reserve Bank of New Zealand’s interest rate decision, which is due out at 1am GMT.

This is widely expected to show a change from 1%, which is its current level, to 0.75% – meaning that a rate cut could well be on the cards.

A statement will be released at the same time.

Later in the day, another big event will be the harmonised index of consumer prices due out of Germany, covering October.

Year on year, this is expected to show no change from its previous position of 0.9%.

Month on month, it is expected to go from +0.1% to -0.1%.

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.

Denise Jackson
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