The upcoming trading week is shaping up to bring plenty of volatility across financial markets. Market players will be keeping a close eye on the release of the FOMC meeting minutes, key services sector data, and consumer sentiment indicators, alongside a batch of vital economic releases from the UK, Canada, and Japan.
United States
2:00 p.m. GMT: ISM Services PMI (September). Forecast: 55.1 | Previous figure: 55.4
2:00 p.m. GMT: ISM Services Prices Paid (September). Previous figure: 72.6
United Kingdom
8:30 a.m. GMT: Construction PMI (September). Forecast: 45.0 | Previous figure: 44.3
8:30 a.m. GMT: BoE MPC Member Catherine Mann Speaks
Canada
2:00 p.m. GMT: Ivey PMI (September). Forecast: 65.2 | Previous figure: 64.3
United States
2:30 p.m. GMT: EIA Crude Oil Inventories. Previous figure: 0.922M
6:00 p.m. GMT 🔥 : FOMC Meeting Minutes Release
United States
12:30 p.m. GMT: Initial Jobless Claims. Forecast: 200K | Previous figure: 197K
Japan
11:30 p.m. GMT: Household Spending (YoY) (August). Forecast: -3.5% | Previous figure: -3.6%
United States
2:00 p.m. GMT: Michigan Consumer Sentiment Index (October). Forecast: 47.6 | Previous figure: 48.1
2:00 p.m. GMT: Michigan Consumer Expectations Index (October). Previous figure: 46.3
2:00 p.m. GMT: Michigan 5-Year Inflation Expectations (October). Previous figure: 3.4%
FOMC Minutes (Wednesday): Details from the Federal Reserve's latest meeting will give markets deeper insight into policymakers' internal sentiment and their view on the future interest rate trajectory. This release may potentially lead to heightened volatility across the US dollar, precious metals, and stock indices.
ISM and University of Michigan Readings (Monday and Friday): With the services sector accounting for the largest share of US GDP, the ISM reading and consumer inflation expectations will offer a timely view of the US economy’s health. Significant deviations from consensus forecasts will dictate the USD's directional bias.
UK and Canada Data (Tuesday): The UK construction sector is still contracting, with PMI below the 50 mark, while Canada’s Ivey PMI indicates robust expansion. Keep a close eye on GBP/USD and USD/CAD around these release times.
Key tip of the week: When major events like the Fed minutes or high-impact economic data are released, avoid guessing which way the market will move first. Trade fully formed, clear levels and established technical levels only after the market has fully processed the new data.
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