23rd October 2017 - 27th October 2017
It will be a quiet day to start the week as The Chicago Fed National Activity Index (CFNAI), will be the only report that is due to released by Federal Reserve Bank of Chicago, which is a monthly index designed to gauge overall economic activity and related inflationary pressure. On Tuesday data are due to be released coming from Europe and US. Start with Markit PMI Composite are based on a large number of business executives in private sector manufacturing and services companies. Data is usually released on the third working day of each month. Each response is weighted according to the size of the company and its contribution to total manufacturing or services output accounted for by the sub-sector to which that company belongs. Replies from larger companies have a greater impact on the final index numbers than those from small companies. On Wednesday it would be a mixed data to be release will be coming from Europe, UK, USD and from Bank of Canada Interest Rate Decision, If the BoC is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the CAD. The Bank of Canada raised interest rates in two consecutive meetings, boosting the Canadian dollar. However, in a recent public appearance, Governor Stephen Poloz said it was a “normalization”: undoing of the two rate hikes from 2015. And while growth is strong and inflation is set to pick up, the next moves will be much slower. So, the BOC is expected to leave the interest rate unchanged at 1%. The reaction depends on the message. If the Bank remains optimistic and hints at further hikes in 2018, the loonie could rise. A “wait and see” approach could send the C$ to fall. It will be a day for the ECB again, as Interest Rate Statement is due to be released, usually if the ECB is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the EUR. This will be followed by deposit Rate Statement which is the interest rate paid on the surplus liquidity that credit institutions may deposit overnight in an account with a national central bank that is part of the Euro system. Lastly, Following the ECB´s economic policy decision, the ECB President will give a press conference regarding monetary policy. His comments may influence the volatility of EUR and determine a short-term positive or negative trend. From US, Continuing Jobless Claims will be released. On Friday, US GDP will be released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time. GDP Annualized is a gross measure of market activity because it indicates the pace at which a country's economy is growing or decreasing. After a poor start to 2017, US growth picked up in Q2 and reached 3.1% annualized. A somewhat slower growth rate is expected in Q3, partly due to the hurricanes. This is the first release out of three, with two revisions pending. Nevertheless, this initial publication has the biggest impact. An annualized growth rate of 2.7%is on the cards.Monday
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