Economic calendar: Quiet end of the week

Summary:

• US pastor to appear in court today

• UoM consumer sentiment expected to push slightly higher

On the final trading day of the week the economic calendar looks empty. In fact we will get just one noteworthy reading and that is the preliminary University of Michigan consumer sentiment for October. The print will be released in the afternoon shortly after the US trading begins. Apart from that, one cannot forget that the US pastor Andrew Brunson will appear in court today and the expectations are that the release ruling will be made. However, the exact time of the hearing is unknown.

3:00 pm BST - US, University of Michigan consumer sentiment for October. After a moderate drop in August the UoM consumer sentiment gauge rebound in September. However, the CB consumer confidence reading, which to large extent moves in tandem with UoM, did not experience such a drop. Nevertheless, the gauge is expected to once again push higher in October, this time from prior 100.1 pts to 100.5 pts. Such reading would bolster the image of strong US economy. However, one should keep in mind that as some companies already issued profit warnings due to the worsening conditions resulting from trade spat with China the survey gauges may actually move lower.

Central bank speakers scheduled for today:

• 10:10 am BST - ECB’s Lautenschlaeger

• 2:30 pm BST - Fed’s Evans

• 5:30 pm BST - Fed’s Bostic

Thanks to the latest USD weakness the EURUSD managed to climb back into the range of the consolidation. The pair may be set to move higher to the upper limit above the 1.1720 handle but a favourable data would be needed. Source: xStation5