Week’s main events (September 18 – September 22)

The Forex market is in for another volatile week. This week, investors should focus on the Interest Rate Decisions from the central banks of the United States, United Kingdom, Japan, Switzerland, Norway, and China. Interest rate hikes are expected from the Bank of England, Swiss National Bank, and Norges Bank. In the United States, Japan, and China, no change is expected, but it will be very important to analyze inflation forecasts. Special attention should be paid to Jerome Powell’s remarks at Wednesday’s press conference after the interest rate announcement. There will also be many inflation reports this week, particularly in the Eurozone, Canada, the UK, Japan, and Singapore. Also, on Friday, there will be a lot of data on business activity.

Monday, September 18

Not much news is expected on Monday. The main event that traders should pay attention to is the inflation data in Norway. This data will have a strong impact on the NOK currency. Do not forget that the Norwegian central bank (Norges) is still on the way to tighten monetary policy.

Main events of the day:

– Canada Producer Price Index (m/m) at 15:30 (GMT+3).

Tuesday, September 19

The Reserve Bank of Australia will update its monetary policy statement. The RBA is at the end of its tightening path, so it is important to keep an eye on this data. Traders‘ attention should also be focused on the Consumer Price Index data in Eurozone and Canada. Analysts expect a slight decline in inflation in the Eurozone, while in Canada, consumer prices are forecast to accelerate.

Main events of the day:

– Australia RBA Meeting Minutes (m/m) at 04:30 (GMT+3);
– Switzerland Trade Balance (m/m) at 09:00 (GMT+3);
– Eurozone Consumer Price Index (m/m) at 12:00 (GMT+3);
– Canada Consumer Price Index (m/m) at 15:30 (GMT+3);
– US Building Permits (m/m) at 15:30 (GMT+3).

Wednesday, September 20

The main event on Wednesday will be the Fed Interest Rate Decision. Economists are almost certain that the Fed will leave the rate at the current level, but the main focus of investors will be on the FOMC forecasts, as well as on the speeches of Fed Chairman Jerome Powell at the end of the meeting for clues as to the Fed’s next steps. Also, on Wednesday, investors should pay attention to the UK inflation data, as well as the People’s Bank of China meeting. China data is very influential on Asian indices as well as the Aussie dollar.

Main events of the day:

– Japan Trade Balance (m/m) at 02:50 (GMT+3);
– UK GDP (m/m) at 09:00 (GMT+3);
– China PBoC Loan Prime Rate (m/m) at 04:15 (GMT+3);
– UK Consumer Price Index (m/m) at 09:00 (GMT+3);
– UK Producer Price Index (m/m) at 09:00 (GMT+3);
– German Producer Price Index (m/m) at 09:00 (GMT+3);
– US Crude Oil Reserves (w/w) at 17:30 (GMT+3);
– US Fed Interest Rate Decision at 21:00 (GMT+3);
– US FOMC Statement at 21:00 (GMT+3);
– US FOMC Economic Projections at 21:00 (GMT+3);
– US FOMC Press Conference at 21:30 (GMT+3).

Thursday, September 21

The Bank of England will make an Interest Rate Decision on Thursday, where the rate is expected to rise by 0.25%. However, there could be surprises in that the Bank of England may pause the rate hike cycle, and most likely, a lot will depend on Wednesday’s inflation data. Volatility in currency pairs with the British pound will increase sharply. Also, on this day, there will be a Norway and Switzerland Central Bank meeting. Analysts are predicting that both banks will continue to raise rates. Special attention should be paid to New Zealand GDP data. This data is published once a quarter, and the last two quarters were negative, indicating a technical recession.

Main events of the day:

– New Zealand GDP (q/q) at 01:45 (GMT+3);
– Switzerland SNB Monetary Policy Statement at 10:30 (GMT+3);
– Switzerland SNB Interest Rate Decision at 10:30 (GMT+3);
– Switzerland SNB Press Conference at 11:00 (GMT+3);
– Norwegian Interest Rate Decision at 11:30 (GMT+3);
– UK BoE Interest Rate Decision at 14:00 (GMT+3);
– UK BoE MPC Meeting Minutes at 14:00 (GMT+3);
– UK BoE Inflation Letter at 14:30 (GMT+3);
– US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
– US Philadelphia Fed Manufacturing Index (m/m) at 15:30 (GMT+3);
– US Existing Home Sales (m/m) at 17:00 (GMT+3);
– Eurozone ECB President Lagarde Speaks (m/m) at 17:00 (GMT+3);
– US Natural Gas Storage (w/w) at 17:30 (GMT+3).

Friday, September 22

Various statistics for many countries are expected on Friday. The most important Friday release for investors will be the inflation rate data in Japan. The Bank of Japan meeting, which will take place in a few hours, will depend on this data. No rate change is expected, but the Bank of Japan may abandon the control of the yield curve, which will bring strong volatility to the pairs with the yen. Investors should also pay attention to PMI data for various countries‘ manufacturing and services sectors.

Main events of the day:

– New Zealand Trade Balance (m/m) at 01:45 (GMT+3);
– Australia Manufacturing PMI (m/m) at 02:00 (GMT+3);
– Australia Services PMI (m/m) at 02:00 (GMT+3);
– Japan National Core Consumer Price Index (m/m) at 02:30 (GMT+3);
– Japan BoJ Outlook Report at 06:00 (GMT+3);
– Japan BoJ Press Conference at 09:30 (GMT+3);
– Japan BoJ Interest Rate Decision at 06:00 (GMT+3);
– Singapore Consumer Price Index (m/m) at 08:00 (GMT+3);
– UK Retail Sales (m/m) at 09:00 (GMT+3);
– Eurozone German Manufacturing PMI (m/m) at 10:30 (GMT+3);
– Eurozone German Services PMI (m/m) at 10:30 (GMT+3);
– Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3);
– Eurozone Services PMI (m/m) at 11:00 (GMT+3);
– UK Manufacturing PMI (m/m) at 11:30 (GMT+3);
– UK Services PMI (m/m) at 11:30 (GMT+3);
– Canada Retail Sales (m/m) at 15:30 (GMT+3);
– US Manufacturing PMI (m/m) at 16:45 (GMT+3);
– US Services PMI (m/m) at 16:45 (GMT+3).

by JustMarkets, 2023.09.18

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