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

ForexNewsNow | Published on October 1, 2010 at 5:15 pm

GBPUSD weekly outlook - BoE chief KingNEW YORK (Forex News Now) – The FNN team has prepared a list of the top 10 economic events most likely to impact GBP/USD 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. Bernanke speaks (USD): Monday, 11:30 P.M. – The U.S. Federal Reserve chairman, Ben Bernanke, is slated to speak at an event in Providence. Traders will seek to discern clues to future monetary policy moves in the central bank chief’s comments.
  3. 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.
  4. ISM non-manufacturing PMI (USD): Tuesday, 2:00 P.M. – The Institute for Supply Management, an industry group, is due to publish this data on U.S. industrial activity, excluding the manufacturing sector, 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. The report often has a significant impact on the GBP/USD FX rate.
  6. Manufacturing production (GBP): Thursday, 8:30 A.M. – Britain’s statistics office is slated to release this data on the month-on-month change in producers’ output in August.
  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, according to two currency market trading news outlets. 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. 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.
  9. Producer Price Index – input (GBP): Friday, 8:30 – Britain’s statistics office is to release this report on producer price inflation in September.
  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 GBP USD analysis.

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