The US Dollar will be in focus this week thanks in large part due to a string of U.S. significant economic announcements entering the spotlight. This article presents our preview of economic calendar targeting to the prospect of the major currencies during the period from Oct 9 to Oct 13.
Monday – 10/09/2017
There are no crucial data releases on this Monday, suggesting that financial markets will likely be steady. Traders can stick to technical indication to collect trading signals.
Tuesday - 10/10/2017
UK’s Manufacturing Production m/m will be divulged at 9:30 GMT on Tuesday this week, predicted to decline to 0.3% from its previous figure of 0.5%. We suggest positioning bearish orders given the actual information being less than anticipated as the Sterling – Greenback currency pair is temporarily in a near-term downtrend.
Wednesday - 10/11/2017
FOMC Meeting Minutes will take place at 19:00 GMT on Oct 11. The U.S. economy is currently painting a bright picture except for the low inflation issue, therefore we can expect for a rising US dollar in case hawkish hints for the policy interest rate are dropped.
Thursday - 10/12/2017
Both U.S. PPI m/m and Unemployment Claims are going to be broadcast at 13:30 GMT on Thursday. Economists have forecasted that the PPI rate will advance to 0.4% from the 0.2% level reported in mid-September, while the initial jobless claims may see a 5K shrinkage. If both news is confirmed positively, traders could open selling positions on almost all cross-USD pairs.
On the same day, European Central Bank President Mario Draghi is going to speak at 15:30. The Euro has already received positive stimuli from hawkish speeches of ECB’s boss over the past few months, hence bullish orders on the EUR-cross currency pairs could be entered given Draghi dropping further hawkish rhetoric.
Friday - 10/13/2017
A basket of U.S. important economic announcements will all come in at 13:30 GMT on Friday this week. U.S. CPI rate could possibly climb to 0.6% from the September data of 0.4%, while the “core-core” CPI m/m may remain at 0.2%. Meanwhile, the Retail Sales figure is expected to post a surge of more than 1.5% from the negative number of -0.2% confirmed last month, in addition to U.S. Core Retail Sales m/m which has been foreseen to advance strongly to 0.9% from the prior release of 0.2%.