Wednesday has arrived – what’s ahead for forex traders?

David Hobart

Now that the midpoint of the forex trading week is here, it’s time to look and see what’s lying ahead for traders in the coming days.

Today (Wednesday), there will be a speech from Philip Lane, who sits on the Executive Board of the European Central Bank, at 11am.

Canadian trade data is out at 12:30pm GMT, while the Bank of England’s governor Mark Carney is scheduled to make a speech at 1:15pm GMT.

At the same time as his speech, Britain’s inflation report hearings will take place.

This happens under the auspices of the House of Commons’ Treasury Committee.

At 1:25pm GMT, the Federal Reserve’s John C. Williams, who serves as the president of the Federal Reserve Bank of New York, will speak.

Yves Mersch, from the European Central Bank, will speak at 2pm GMT.

However, the main central bank action of the day will be the monetary policy decision from the Bank of Canada, which is due out at 2pm GMT.

The markets have priced in an expected decision not to change the current rate level from where it was last set, at 1.75%.

Many more central banker speeches are expected later in the day.

The Federal Reserve’s Michelle W. Bowman, who sits on its board of governors, will speak at 4:30pm GMT.

Charles L. Evans, who is the president and CEO of the Federal Reserve Bank of Chicago, will speak at 7:15pm GMT.

There will also be some political action occurring before the day is out.

The British Parliament is expected to take more crucial Brexit-related votes later in the evening: a bill to ensure that a no deal Brexit doesn’t happen will be looked at again, while a motion for a general election is expected from the government.

Looking ahead to tomorrow (Thursday), there will be a series of US data points released over the course of lunchtime and into the afternoon.

Joblessness figures from the US will be out at 12:30pm GMT, with initial claims expected to hold firm at 215,000.

Continuing claims are expected to show a slight drop – which will no doubt act as a positive indicator for the health of the US economy when policymakers at the Fed meet later in the month to discuss interest rates.

The ISM purchasing managers’ index for August will be out at 2pm GMT, covering non-manufacturing data and is forecast to show a change from 53.7 to 53.9.

Silvana Tenreyro, who sits on the Bank of England’s Monetary Policy Committee, will speak at 2:30pm GMT.

Lawrence Schembri, who is deputy governor of the Bank of Canada, will speak at 3:45pm GMT.

He is no doubt likely to focus at least in part on the Bank’s interest rate decision from the previous day.

At the end of the day, overall household spending figures from Japan will be released – this time at 11:30pm GMT.

Year on year, this is expected to show a change from 2.7% to 1.1%.

Labour cash earnings are due out at the same time and were last recorded at 0.4% year on year.

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
Blackbull LogoYour capital is at risk
  • User-friendly platform with great trade-analysis tools
  • Leverage Up To 1:500
  • Spreads as low as 0.00 pips
  • Quality trade execution thanks to high-spec IT infrastructure
  • $0 minimum account opening balance
  • 26,000 tradeable instruments
  • Not available in all jurisdictions
  • Regulatory infrastructure
tickmill_logo-173% of retail CFD accounts lose money 73% of retail C...
  • Well regulated
  • Ultra-fast and high leverage trading
  • Spreads as low as 0.0 pips
  • Comprehensive research tools
  • Relatively limited number of markets
  • Does not accept US traders
Your capital is at risk Europe* CFDs ar...
  • Multi-asset broker offering a wide variety of markets
  • Strong regulatory framework
  • Innovative risk management tools
  • Choice of market-leading platforms
  • Wide spreads on some markets
  • Expiry date on Demo Accounts
Between 74-89% of CFD traders lose Between 74-89 % of retail investor accounts lose money when trading CFDs
  • Low trading costs
  • Great market flow
  • Research and analysis which helps spot trades
  • Wide range of Copy and Social Trading options
  • Limited range of non-forex markets
eToro Logo77% of CFD traders lose 77 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
  • Social and Copy Trading Platform
  • Beginner Friendly
  • Risk-free Demo Account
  • Top-tier regulation
  • Limited means of raising queries
  • Withdrawal process isn’t really ‘client-focused’