We are in the middle of this trading week, and today with the exception of 2 major economic events, one related to the US Dollar and one to the Australian Dollar, there are no other important economic data, meaning that chances are it will be today a rather quiet trading session. In the lack of major catalysts, the forex market may decide to trade with a range-bound price action, waiting for new updated economic news later on this week, such as the US Consumer Price Index on Friday 13th October 2017, to weigh on the direction of new trends.
These are the main economic events for today in the forex market to focus on to be informed and well prepared for any currency pairs fluctuations:
European Session
- ECB Praet Speech
Time: 18:50 GMT
A speech by a member of the ECB board. Statements on monetary policy and economic outlook, and about the asset purchase program are crucial with the potential to have an impact on the Euro.
American Session
- Fed Officials Speeches
Time: 00:00 GMT, 11:15 GMT
Same comments as per ECB official’s speeches.
- IMF/World Bank Annual Meetings
Time: 12:00 GMT
As mentioned yesterday important statements on global economic outlook, monetary policy and financial decisions, have the power to cause currency pairs volatility.
- US FOMC Meetings
Time: 18:00 GMT
The forex market will place a lot of attention to the US FOMC Meetings Minutes, as they provide important insights on monetary policy, looking for indications of further interest rate increases by the end of the year, which is positive for the US Dollar.
- US API Weekly Crude Oil Stocks
Time: 20:30 GMT
A weekly reading indicating US petroleum demand, with any surprises having the potential to move the oil prices. For example if the decline in inventories is more than expected this implies greater demand and should be positive for oil prices.
Pacific Session
- Australia Westpac Consumer Confidence Index
Time: 00:30 GMT
Higher than expected or rising figures of the Consumer Confidence Index are positive for the Australian economy and the Australian Dollar, reflecting increased odds of future consumer spending, which ultimately leads to higher economic growth measured by the GDP numbers.
