Upcoming Events:
This week, there are several key economic events and data releases that will impact the forex market. On Monday, Eurozone Retail Sales data will be released, while China will be on holiday. Tuesday will see the release of Japan’s Average Cash Earnings, RBA Meeting Minutes, and the US NFIB Small Business Optimism Index.
Wednesday will be an important day with the RBNZ Policy Decision and FOMC Meeting Minutes on the agenda. The RBNZ is expected to cut the OCR by 50 bps, bringing it to 4.75%, due to factors such as high unemployment rates and weak inflation.
Thursday will bring more data with Japan’s PPI, ECB Meeting Minutes, US CPI, US Jobless Claims, and New Zealand Manufacturing PMI. The US CPI is expected to show a slight decrease from the previous month, but the recent strong NFP report might influence the Fed’s decision on rate cuts.
Friday will wrap up the week with the release of UK GDP, Canada Labor Market report, US PPI, US University of Michigan Consumer Sentiment, and BoC Business Outlook Survey. The Canadian Labor Market report is expected to show an increase in jobs added but also a rise in the Unemployment Rate, potentially impacting the chances of a rate cut.
Overall, the upcoming events will provide valuable insights into the state of various economies and could influence trading decisions in the forex market. Traders should closely monitor the data releases and central bank decisions to stay informed and make well-informed trading choices.
