Weekly outlook / Top 10 forex events: Oct. 4-8

ForexNewsNow | Published on October 1, 2010 at 4:58 pm

Forex weekly outlook - ECB chief TrichetNEW YORK (Forex News Now) – The FNN team has prepared a list of the top 10 economic events most likely to impact currency market trading and make realtime forex news during the coming week, Oct. 4-8.

All times are given in GMT.

  1. Pending home resales (USD): Monday, 2:00 P.M. – The National Association of Realtors, an industry group, is due to release this important report for August. The data are a useful indication of the state of the U.S. housing market.
  2. NZIER business confidence (NZD): Monday, 9:00 P.M. – The New Zealand Institute of Economic Research is to publish this important index of N.Z. business confidence in the third quarter.
  3. RBA interest rate decision (AUD): Tuesday, 3:30 A.M. – The Reserve Bank of Australia is due to announce a decision on whether to move its benchmark interest rate, the Cash Rate. Analysts expect a hike of 25 basis points to 4.75 percent, according to two currency market trading news outlets.
  4. Services purchasing managers’ index (GBP): Tuesday, 8:30 A.M. – The market research firm Markit is due to publish this gauge of activity in the U.K. services sector, a leading indicator of economic health, for September.
  5. ADP nonfarm employment change (USD): Wednesday, 12:15 P.M. –ADP, a payroll processing firm, is slated to release this report on the change in U.S. private sector employment, excluding agriculture, in September.
  6. Ivey PMI (CAD): Wednesday, 2:00 P.M. – The Richard Ivey School of Business is to release data on manufacturing activity in Canada in September, based on a survey of purchasing managers.
  7. BoE interest rate decision (GBP): Thursday, 11:00 A.M. – The Bank of England is due to reach a decision on whether to alter its benchmark interest rate, the Official Bank Rate, which it is expected to hold steady at 0.5 percent. The central bank’s policy-setting committee will also publish a statement, and BOE will announce whether it will expand its quantitative easing program.
  8. ECB interest rate decision(EUR): Thursday, 11:45 A.M. – The European Central Bank is due to reach a decision on whether to alter its benchmark interest rate, the Official Bank Rate which it is expected to hold steady at 1 percent and is very influential on the euro’s FX rate. The ECB will also hold a press conference on the decision.
  9. Initial jobless claims (USD): Thursday, 12:30 P.M. – The Department of Labor is due to release this report on the number of workers who filed new claims for jobless benefits during the previous week.
  10. Nonfarm employment change (USD): Friday, 12:30 P.M. – The Bureau of Labor Statistics is scheduled to release this closely watched monthly report for September, as well as the U.S. unemployment rate, in a report likely to shake up EUR USD analysis. Canada will also publish important jobs data.

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