In the upcoming week investors will be offered some noteworthy readings with the UK GDP report being the most crucial out of them. The US dollar may also come under pressure due to the FOMC meeting but one should be aware that no major decision is expected. Last but not least, the US sanctions on the Iranian oil will take full effect next week therefore one may expect increased volatility on the commodity market.
Monday: The economic calendar on Monday looks quite busy. Firstly, traders will be offered Services PMI from the United Kingdom (9:30 am GMT). In the afternoon, US Services ISM (2:45 pm GMT) and Services PMI (3:00 pm GMT) will be released. On top of that, Stephen Poloz, BoC Governor, will deliver a speech in London at 1:25 pm GMT.
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The FOMC meeting scheduled next week is likely to be a non event as central bank is not going to change monetary policy settings and no press conference will be held afterwards. However, the latest stellar performance of the USD will make investors analyze statement carefully to see whether there are signs that could signal potential halt to the bull run. Traders will look for remarks on the latest better-than-expected growth figures and decelerating inflation as well as the labour market data. Affected markets: EURUSD, GOLD.
UK flash GDP for Q3 (Friday, 9:30 am GMT)
The UK budget proposal and the Bank of England meeting boosted pound significantly in the previous week. While the currency is still very sensitive to any kind of news concerning Brexit the volatility may spur especially on Friday as the preliminary GDP print for the third quarter will see daylight. All PMI gauges from the UK declined in the July-September period and the production data was rather lacklustre. Nevertheless, markets see pace of growth accelerating to 1.5% YoY from 1.2% YoY in the previous quarter. Affected markets: GBPUSD, UK100.
Data from the oil market (Wednesday, 3:30 pm GMT)
The upcoming week on the oil market will be especially interesting as the US sanctions on Iranian oil will take full effect. According to the latest reports the United States are to allow eight countries to keep buying Iranian oil under the provision of continuing to reduce imports. News concerning oil trade in the aftermath of the US sanctions may steer prices in the near term. Apart from that, regular oil inventories data may be a trigger for short term price swings. Affected markets: OIL, OIL.WTI
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