Central Bank Policy Meetings Take Centre Stage This Week
This new Forex Trading week begins with a series of Central Bank Policy Meetings, with the European Central Bank and the Bank of Canada. The Bank of Canada is expected to pause in its Interest Rate increases this time around and will also publish its Monetary Policy Report. The European Central Bank is expected to announce a recalibration of its Asset Purchase Program. Other releases include the October Flash Composite PMIs and preliminary Q3 Gross Domestic Product Data for the UK and the US.
Last week in Brussels, German Chancellor Angela Merkel’s remarks, in addition to the disappointing Retail Sales Report caused the Sterling to retreat. BoE Policymaker, Cunliffe also did not help matters, as he pointed out that he is yet to see signs of sustained Domestic Inflation Pressure. From the Dollar camp, President Trump is almost neutral on his pick for the new Fed Chief, and this decision has kept Dollar traders on the sidelines with high anticipation.
Generally, the Data released last week from the US indicates that the Economy might be experiencing a situation where the demand for Labour may be exceeding the Supply of same. However, the first estimate for GDP Q3 is the main feature from the US this week.
Potential Catalysts Medium Impact
10:00 AM GMT UK CBI Industrial Trends Orders (Oct)
12:30 PM GMT Canada Wholesale Sales (MoM) (Aug)