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Watch out for the top 7 economic events due next week

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Watch out for the top 7 economic events due next week - forexspacex.com

Trading economic events should be a part of a trader’s strategy as trading a planned event yield a better return on investment. In this article we are listing down the top 7 economic events due next week, one must consider before taking a new position in the next week.

MONDAY, OCTOBER 31 – Retail Sales s.a. (MoM)(Sep) from Australian Bureau of Statistics

The Australian Bureau of Statistics will be reporting the retail sales data for September month. This data represents an important macroeconomic factor that can be used in forex trading. Retail sales data is considered a leading indicator by market analysts which directly influences the Reserve Bank of Australia interest rate decision.

Impact on Currency Pair – AUD/USD


MONDAY, OCTOBER 31 – NBS Manufacturing PMI from China Federation of Logistics and Purchasing

This data represents the overall health of the manufacturing sector of the world’s second-largest economy. A reading above 50 is considered bullish for the Chinese yuan whereas a reading below 50 is bearish. One can expect heightened volatility in the USD/CNY currency pair.

Impact on Currency Pair – USD/CNY


MONDAY, OCTOBER 31 – Retail Sales of Germany from  Statistisches Bundesamt Deutschland

The Statistisches Bundesamt Deutschland will be reporting the retail sales data from Germany. This data represents the sale of consumer goods bye businesses to the end users. This also includes online sales as well as in-store sales. A positive value as compared to the previous reading will support the euro as Germany is the largest economy in the eurozone.

Impact on Currency Pair – EUR/USD


MONDAY, OCTOBER 31 – Gross Domestic Product s.a. (QoQ)(Q3) and Gross Domestic Product s.a. (YoY)(Q3)

Eurostat will be reporting the gross domestic product rate for the eurozone on Monday. The GDP rate is the measure of the combined value created through the production of goods and services in the region. if the GDP growth rate exceeds the market expectations, then one can expect a bounce back in the euro.

Impact on Currency Pair – EUR/USD


TUESDAY, NOVEMBER 1 – Reserve Bank of Australia interest rate decision

The Reserve Bank of Australia is expected to hike its borrowing cost to tamper with the high inflation in the country. This usually acts in favor of the domestic currency. Therefore, one can expect some kind of a rally in the Australian dollar.

Impact on Currency Pair – AUD/USD


TUESDAY, NOVEMBER 1 – ISM Manufacturing PMI(Oct)

The institute of supply management will be reporting on the overall health of the US manufacturing sector.

Impact on Currency Pair – EUR/USD, AUD/USD, USD/JPY, USD/CNY


WEDNESDAY, NOVEMBER 2 – ADP Employment Change (Oct)

The ADP Research Institute will be reporting the employment figures for the month of October. A rise in the value against the previous reading will as a Pilgrim for the U.S. dollar.

Impact on Currency Pair – EUR/USD, AUD/USD, USD/JPY, USD/CNY



Disclaimer

Forex trading can be extremely risky and should only be done in the presence of an expert. We do not recommend any currency pairs or options to buy or sell to our readers. Forecasts or articles available on this website do not constitute investment advice and are only for general information. Kindly consult with a professional financial advisor before using the information on this website for trading or investing.

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