Financial markets could have another volatile week due to a series of monetary policy announcements from the ECB, the BOC and the RBA entering the stage.
Monday – 09/04/2017
UK’s Construction PMI figure is going to be divulged at 9:30 GMT on Monday this week with expectations that it will climb to 52.1 from its previous release of 51.9 on Aug 2. Combining with some positive news for the UK in recent days, traders may find the Pound Sterling rallying if the report is better than expected.
Tuesday - 09/05/2017
This Tuesday is likely to kick off the usually buoyant atmosphere of financial markets by Reserve Bank of Australia (RBA) Governor Lowe Speaks beginning at 10:10 GMT. However, don’t expect fireworks. Philip Lowe kept mentioning before that “a weaker Aussie will be better for the economy”, suggesting that traders may continue to see another dovish meeting and the cash rate remaining at 1.5%.
UK’s Services PMI will also be broadcasted at 9:30 GMT. Economists forecast the figure to be at 53.6, slightly down from its past outcome of 53.8 on Aug 3.
Wednesday - 09/06/2017
The Canadian Dollar will be in focus on Wednesday due to Canada’s Trade Balance reported at 13:30 GMT and Overnight Rate confirmed at 15:00 GMT. The predicting figure of Canada’s Trade Balance is at -3.8B, dropping from the last report of -3.6B, while the Overnight Rate is expected to rise to 1% from its 0.75% level. We highly recommend traders to wait for the actual information to be confirmed before making any trading decision since the Loonie could possibly tumble when the releases come out.
In a separate development, Australia’s GDP q/q is forecasted to robustly advance to 0.8% from the last release of 0.3%, delivering bullish trading signals to traders who love trading the Aussie-cross currency pairs. U.S. ISM Non-Manufacturing PMI will also be announced at 15:00 GMT with positive estimates that it may attain to 55.5, up from its 53.9 previous level.
Thursday - 09/07/2017
A series of top-tier economic data will be released on this Thursday as follows:
- Australia’s Trade Balance and Retail Sales m/m are going to be confirmed at 2:30 GMT. The Trade Balance figure is expected at 0.95B, climbing from its past release of 0.86B, while the Retail Sales m/m data are forecasted to decline to 0.2%, the lowest level since June 2017.
- ECB Press Conference is going to begin at 13:30 GMT. ECB President Mario Draghi is forecasted to leave interest rates unchanged because inflation remained well below ECB’s mid-term target.
- U.S. Unemployment figures are gauged to rise to 245K from its past number reported at 236K.
Friday - 09/08/2017
RBA’s Lowe will speak at the Reserve Bank Board Dinner in Brisbane at 9:30 GMT on Friday. Meanwhile, UK’s economy may receive another positive information from the Manufacturing Production m/m figure which is expected to rise to 0.3% from its no-growth level.
Canada’s Employment data and Unemployment Rate will be reported at 13:30 GMT. The Unemployment Rate is likely to remain at 6.3%, the lowest rate since Feb 2009, while the Employment could have a 4.1K expansion.