Market Brief October 31st: Consumer Confidence from the U.S. to stir the dollar

31 October, 2017 - 07:34AM

Germany is off for the today due to Reformation Day and will join the markets on Wednesday.

China

CNY & AUD 01:00 p.m. GMT + 1 Manufacturing PMI (Oct) – manufacturing performance is expected to have decreased in October at 52.0 compared to 52.4 for the month of September. If the actual result is higher, this should boost the Australian dollar (as the two economies are positively correlated), while a weaker performance should be read as bearish on the Aussie.

European Union

EUR, 10:00 a.m. GMT + 1, CPI (YoY) (Oct) P –the index is crucial for measuring the change in inflation. The projected number is for no change at 1.5%, same as for the previous period. Should we see a better than expected result, this could strengthen the euro. A considerable miss, would weaken the currency.

Canada

CAD 14:00 p.m. GMT + 1, GDP (MoM) (Aug)- this is a major event for the Canadian dollar measuring the change in the total output of goods and services (inflation-adjusted) for the economy. A higher reading should be positive for the value of the Canadian dollar, while a worse off result would drive down the currency. Expectations are for 0.1% compared to 0.0% for the previous period.

United States

USD 14:00 p.m. GMT + 1, CB Consumer Confidence (Oct)- a leading indicator that could predict future consumer behavior in terms of spending. It measures the level of consumer confidence in the economic activity. Projections point to a higher optimism at 121.0 versus 119.8. A higher reading would suggest optimism for the economy and a higher valuation of the currency. A considerably lower reading could mean a bearish stance on the currency.
 

Wishing you Happy and Successful Trading!

 

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