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Data set to dominate Thursday in the forex markets

Data releases look set to be the key events on the forex market calendar as trading got underway in earnest on Thursday.

Jobless claims data from the US are due out at 12:30pm, both in terms of initial claims and continuing claims.

The former covers the dates around 4th October and is likely to reveal no change from its position at the last release – 219,000.

Continuing jobless claims for the dates around 27th September, however, are expected to show a slight rise – this time from their previously recorded position of 1,651,000 to 1,653,000.

Overall US consumer price index data for September is expected at 12:30pm GMT.

This is predicted to show a year on year change from 1.7% to 1.8%.

Canadian new housing price index data for August is due at 12:30pm GMT.

This is widely expected to show a month on month change from -0.1% to +0%.

Later in the day, there’ll be a series of speeches from US central bankers.

Neel Kashkari, who is president and CEO of the Ninth District Federal Reserve Bank in Minneapolis and who has been in the news recently for his comments on cryptocurrencies, is scheduled to speak at 4:15pm GMT.

This will be followed by a speech from the European Central Bank’s Philip Lane, who serves as its chief economist.

This is due to occur at 5:30pm GMT.

Back to the US, there is set to be a speech from Loretta J. Mester – who is president and CEO of the Federal Reserve Bank of Cleveland – at 9:30pm GMT.

Looking ahead to tomorrow (Friday), a German harmonised index of consumer prices for September is expected at 6am GMT.

This is expected to show no month on month change from -0.1%.

Spanish consumer price index data is expected at 7am GMT.

This is forecast to show no change from 0%, where it was recorded last month.

Speeches from two key European central bankers have now been scheduled for the morning.

Mario Draghi, who is the president of the European Central Bank, will speak at 9:30am – and might be in a position to share some clues about where monetary policy might be headed in the coming months.

Luis de Guindos, who is the vice president of the European Central Bank, will speak at 10:30am GMT.

There will be a series of major data releases from Canada at 12:30pm GMT.

September’s unemployment rate will be out then and is set to show no change from 5.7%.

September’s participation rate will coincide with this and is set to show no change from 65.8%.

Net change in employment data for September will be out at 12:30pm GMT and is expected to show a significant change – this time from 81,100 to 10,000.

More important American central banker speeches are expected to round off the forex trading week later in the day, including one from Eric Rosengren – who is president and CEO of the Federal Reserve Bank of Boston – at 5:15pm GMT.

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