Key Economic Events and Reports of the Week Ahead
Monday, October 5, 2020 - The key report for this day will be the US Services PMI for September. The headline reading is expected to come at 56.3 points, which is slightly lower than in August. The weak NFP September print is likely to reveal corresponding slack in the services sector activity, which should put additional pressure on the stock market, which is now vulnerable due to delayed fiscal impulse and uncertainty related to President Trump health.
Tuesday, October 6, 2020 - Aussie is likely to have little response to the RBA meeting, which is not expected to tweak policy settings. The release of EIA data on crude oil market should also pass unnoticed for oil quotes.
Wednesday, October 7, 2020 - US Crude Oil Stocks and FOMC Protocol will be the highlight of Wednesday. The Fed's maneuvers are severely limited ahead of the elections, so the market's attention will be focused on possible details about the new inflation targeting concept.
Thursday, 8 October 2020 - The ECB's monetary policy statement is likely to put additional pressure on the euro as expensive national currency is not in the interests of the EU and therefore the central bank will make efforts to curb its growth, including verbal interventions.
Friday, 9 October 2020 - UK GDP and employment change in Canada will be the main reports of the unremarkable Friday, but we should not expect much surprise and a reaction from the GBP and CAD. The British currency will remain under pressure next week as the Brexit dilemma does not appear to find breakthrough solutions next week.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
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High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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