Here is the checklist of economic events which may create volatility in the market. FED made another hike in interest rates with an intent to reduce spiked inflation.
GBP: BOE Monetary Policy Report at 5:30 PM
Released quarterly
The report provides the BOE’s projection for inflation and economic growth over the next 2 years. The BOE Governor also holds a press conference to discuss the report’s contents after release. In Nov 2019 source changed the report name from Inflation Report to Monetary Policy Report
It provides valuable insight into the bank’s view of economic conditions and inflation – the key factors that will shape the future of monetary policy and influence their interest rate decisions
GBP: MPC Official Bank Rate Votes at 5:30 PM
Released monthly
Next Release Dec 15, 2022
The vote is reported in an ‘X-X-X’ format – the first number is how many MPC members voted to increase interest rates, the second number is how many voted to decrease rates, and the third is how many voted to hold rates
The BOE’s MPC meeting minutes contain the interest rate vote for each MPC member during the most recent meeting. The breakdown of votes provides insight into which members are changing their stance on interest rates and how close the committee is to enacting a rate change in the future
Forecast- [9-0-0]
Previous- [9-0-0]
Actual- ?
Impact- The forecast figure seems to be neutral for base metals and the dollar while negative for bullions. The actual figure is to release at 5:30 PM.
GBP: BOE Gov Bailey Speaks at 6:00 PM
Measures: Due to hold a press conference about the interest rate decision at the Bank of England, in London
Next Release Oct 15, 2022
BOE Governor Mar 2020 – Mar 2028. Volatility is often experienced during his speeches as traders attempt to decipher interest rate clues
As head of the central bank, which controls short term interest rates, he has more influence over the nation’s currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy
USD: Unemployment Claims at 6:00 PM
Measures: The number of individuals who filed for unemployment insurance for the first time during the past week
Released weekly, usually on the first Thursday after the week ends
Next Release Nov 10, 2022
This is the nation’s earliest economic data. The market impact fluctuates from week to week – there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes
Although it’s generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country’s monetary policy
Forecast- [220K]
Previous- [217K]
Actual- ?
Impact- The forecast figure seems to be neutral for base metals and the dollar while positive for bullions. The actual figure to release at 6:00 PM.
USD: ISM Services PMI at 7:30 PM
Measures: Level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing industry
Released monthly, on the third business day after the month ends
Next Release Date Dec 5, 2022
Economic Indicator: Above 50.0 indicates industry expansion, below indicates contraction. Source changed series from unadjusted to seasonally adjusted as of January 2001. Source changed series calculation formula as of Feb 2008
It’s a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy
Forecast- [55.5]
Previous- [56.7]
Actual- ?
Impact- The forecast figure seems to be negative for base metals and the dollar while positive for bullions. The actual figure to release at 7:30 PM.
Natural Gas Storage at 8:00 PM
Measures: Change in the number of cubic feet of natural gas held in underground storage during the past week
Released weekly, 5 days after the week ends
Next Release Date Nov 10, 2022
Inventories are used to maintain price stability during supply shortages and periods of increasing demand
Forecast- [99B]
Previous- [52B]
Actual- ?
Impact- The forecast figure seems to be negative for Natural Gas The actual figure is to release at 8:00 PM.
Source: Forex Factory
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