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Posted on Oct 1

Forex Insights: Key Economic Events Shaping Currency Trends This October

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Economic News About Forex - October 1, 2024

September 27, 2024:
- Several key events include the release of China's Industrial Profits (YTD) YoY, Japan's 3-Month Bill Auction, and various European indicators such as Business Confidence, Consumer Confidence, and Retail Sales YoY.
- The US Core PCE Price Index YoY and MoM are scheduled, which are high-impact events for the USD.

Japan:
- The BOJ Core CPI y/y was released at 2.1%, slightly above the forecast of 1.9%.
- Machinery Orders YoY and MoM showed mixed results, with YoY at 8.7% and MoM at -0.1%.

EUR/USD:
- The pair is under pressure, eyeing the 1.1100 level in the European session, influenced by the US Dollar's strength and upcoming German inflation data and Fed Chair Powell's speech.
- EUR/USD is also affected by Chinese stimulus efforts and Fed-BoE policy divergence.
GBP/USD:
- The pair has been grinding higher to near 1.3400, supported by China's stimulus-driven risk appetite, a subdued US Dollar, and Fed-BoE policy divergence.

Federal Reserve:
- Fed Chair Jerome Powell’s upcoming speech is highly anticipated and expected to influence market sentiment and currency pairs like EUR/USD and GBP/USD.
Bank of Canada:
- BOC Governor Tiff Macklem’s speeches and the Monetary Policy Report are key events for CAD traders.
European Central Bank:
- ECB officials, including Guindos and Schnabel, are scheduled to speak, which could impact EUR pairs.

US Economic Indicators:
- The Core PCE Price Index, Initial Jobless Claims, and Philadelphia Fed Manufacturing Index are significant indicators that can move the USD.
Canadian Economic Indicators:
- GDP MoM, CPI m/m, and Median CPI y/y are crucial for understanding the Canadian economy and its impact on CAD.
European Economic Indicators:
- Retail Sales YoY, Business Confidence, and Consumer Confidence are key indicators for the EUR.

Risk Sentiment:
- Chinese stimulus efforts have kept risk sentiment positive, despite geopolitical risks, influencing currency pairs and commodity prices.
Gold and Cryptocurrencies:
- Gold prices are stable ahead of Powell’s speech, while Bitcoin faces resistance around $66,000 and shows potential for further gains.

Economic Calendars:
- Real-time economic calendars from sources like Forex Factory, Myfxbook, and FXStreet provide comprehensive and timely data, helping traders anticipate market-moving events.

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