Forex Trading in the Middle of the Week: What’s Left to Come?

Chris Lee

It’s Wednesday, and that means the middle of a new foreign exchange market trading week is here.

What’s left on the horizon for the rest of the week?

Today (Wednesday), there will be a number of major events.

A series of central banker speeches have been scheduled in the US for across the day: Charles L. Evans, who serves as president and chief executive officer of the Federal Reserve Bank of Chicago, will speak at 12pm.

This will be followed by a speech from Lael Brainard, who sits on the Federal Reserve’s Board of Governors, at 2pm GMT.

At the same time, there will be a speech from Esther L. George, who serves as president and chief executive officer of the Federal Reserve Bank of Kansas City.

Simultaneously, over the Atlantic in Europe, the European Central Bank’s Benoît Cœuré, who sits on the Executive Board there, will speak at 2pm GMT.

Looking ahead to tomorrow (Thursday), the focus will be less on central bankers convening and will be more on data releases, particularly from the US.

Initial jobless claims for the dates around 20th September will be out of the US at 12:30pm GMT and are expected to show a change from 208,000 to 212,00.

Continuing jobless claims for the dates around 13th September will be out at the same time and are due to show a change from 1,661,000 to 1,665,000 – a change which may well be interpreted by some as a sign of more underlying economic issues in the US labour market.

However, if the forecasted results for the US annualised gross domestic product release covering Q2 of 2019 transpire to be correct, these figures may be assuaged somewhat.

This metric is expected to hold firm at 2%, and not give any ground to losses.

Core personal consumption expenditures for Q2 of 2019 will also be out at 12:30pm GMT.

These are expected to hold firm quarter on quarter at their previously noted position of 1.7%.

The only central banker speech currently scheduled for Thursday is one from Richard Clarida, who serves as the vice chairman of the Board of Governors of the Federal Reserve System.

He will speak at 3:45pm GMT.

On Friday, a speech from the Bank of England’s Michael Saunders, who sits on the Monetary Policy Committee, will occur at 7am GMT.

European business climate data for September is due out at 9am GMT.

This is expected to hold firm at 0.11.

Focus will be back on the US at 12:30pm GMT.

A speech from Randal Quarles, who is vice chair for supervision of the Federal Reserve Board of Governors, will occur then.

There will also be a data release covering personal income in August.

This is due to show a month on month change from 0.1% to 0.4% – which may cause some concerns for those worried about the impact of higher inflation.

August’s personal spending figures, meanwhile, could neutralise these worries.

That metric is due to go down from 0.6% to 0.3%.

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.

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