Weekly outlook / Top 10 GBP/USD forex events: Nov. 1-5

ForexNewsNow | Published on October 29, 2010 at 12:33 pm

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GBPUSD analysis - 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, Nov. 1-5.

All times are given in GMT.

  1. Manufacturing PMI (GBP): Monday, 9:30 A.M. The market research group Markit is due to publish this key report on the U.K. manufacturing sector, based on a survey of purchasing managers, for October. The Institute for Supply Management, a trade group, is later due to publish a similar report in the U.S., also for October.
  2. Construction PMI (GBP): Tuesday, 9:30 A.M. – Markit is due to publish this key report on the U.K. construction sector, based on a survey of purchasing managers, for October.
  3. Services PMI (GBP): Wednesday, 9:30 A.M. – Markit is due to publish this key report on the U.K. construction sector, based on a survey of purchasing managers, for October.
  4. ADP 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 October. The Institute for Supply Management is also due to release a non-manufacturing PMI for the U.S., which is may shake up the day’s currency market trading.
  5. Fed rate decision (USD): Wednesday, 6:15 P.M. – The U.S. Federal Reserve is due to reach a decision on whether to alter its benchmark interest rate, the Federal Funds Rate. The Fed’s policy-making committee is also due to issue a statement, whose points often shift the dollar’s FX rate against other major currencies.
  6. BOE rate decision (GBP): Thursday, 12:00 – The Bank of England is due to reach a decision on whether to alter its benchmark interest rate, the Official Bank Rate. The central bank is also scheduled to release a rate statement and announce whether it will change its quantitative easing program.
  7. Initial jobless claims (USD): Thursday, 12:30 P.M. – The Department of Labor is due to release this data on the number of workers who filed new claims for jobless benefits during the previous week. The report is often quite influential on the dollar’s FX rate.
  8. Producer price index, input (GBP): Friday, 9:30 A.M. – The U.K. statistics agency is due to release this key report on producer price inflation, based on input prices, for October.
  9. Non-farm employment change (USD): Friday, 12:30 – The Bureau of Labor Statistics is scheduled to release this closely watched monthly report for October. The report is among the news most heavily anticipated by FX traders during the week.
  10. Pending resales (USD): Friday, 2:00 P.M. – The National Association of Realtors, an industry group, is due to release this important report, which gives a useful indication of the state of the U.S. housing market.

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