Economic news to watch this week
Recap from the previous week: Our week kicked off with Bank of Japan (BOJ) deciding on their policy rate which held steady at -0.10% as well as Reserve Bank of Australia (RBA) left their cash rate unchanged at 1.50%. Canada GDP also held steady at 0.2%. New Zealand Employment change increased by 0.8% while unemployment rate decreased by 0.2% from expected 5.1% to 4.9%. We also had several speeches from different governors throughout the week with BOE Gov Mark Carney deciding to stay as a governor of Bank Of England (BOE) beyond 2018, that on its own shook the markets and had an impact on GBP. These are the news or reports that you won’t see on economic calendar sites but official central banks sites, you can check the Bank of England for the latest statements and reports on their official site HERE.
GBP was the best performing currency as it rose more than 1% against the U.S Dollar after British high court ruled out the request to start the process to leave EU saying that it cannot be done without the vote of parliament members. Apparently most parliament members were not supportive of the Brexit. The markets seemed more focused on the U.S elections on the 8th. Gold is also expected to continue to rally up as the uncertainty surrounding the greenback builds up and investors are moving their money to Gold which is considered as a safe heaven. UK Construction PMI rose by 0.5. Federal funds rate held steady at <0.50%. UK Services PMI rose to 54.5 from 52.5 expected. BOE left their official rates unchanged at 0.25%. Australia retail sales increased by 0.2%. Canada Employment change increased and their unemployment held steady at 7.0%. US Earnings increased by 0.1% . U.S created 161k jobs while unemployment rate held steady at 4.9%. The U.S is expected to create 250k jobs every month just to keep up with the population. The Federal reserve is also expected to hike their rates in December. My eyes are on Gold as we wait for the U.S elections. Please note that during bank holiday, a currency involved may either be extremely volatile or extremely sleepy. read more about the best days to trade Forex HERE. Below are the economic news to watch this week. If you wish to receive weekly economic updates, subscribe to this blog. Thank you for stopping by, happy trading.