Commodity Market News | Will PMI or ECB Decision Shake Things Up this week?

Commodity Market News | Will PMI or ECB Decision Shake Things Up this week?


Weekly economic calendar will start with important PMI numbers, which may have a significant impact on the related currency as per the latest commodity market news.

From the eurozone September PMIs for France and Germany are foreseen slightly higher as compared to previous month. France PMI foreseen at 44.40 from 44.20, although Germany data is foreseen at 40.10 to 39.60. The UK may see economic weakness in the services sector at 49.90 from 50.10. 

US Manufacturing PMI numbers are foreseen at 49.50 from previous 49.80, while Service PMI numbers are foreseen at 49.90, slightly lower from previous 50.10.       

Recent economic data has raised concerns over the outlook for the bloc economy amid weakening consumer spending in the face of still high inflation.


Fed chair speech will expect to bring clutter for the market. Last week, he said the stronger-than-expected U.S. economy might warrant tighter policy though rising market interest rates could make action by the central bank itself less necessary.

Bank of Canada policy will be the second important event for the day. Where rate is expected to be kept unchanged at 5%.


The market will react to the European Central bank policy meeting. The broad consensus being for interest rates to remain on hold at 4.5%.

After the ECB hiked its deposit rate at each of its last 10 meetings to a current record high, policymakers have indicated it is time to pause as they assess the impact of monetary tightening so far.

Market participants will be on the lookout for any indications of a possible final rate hike for this year in December.

Further, the US GDP report could provide fresh insights into the health of the economy, having a strong bearing on the Fed’s path forward on interest rates, as well as, on the greenback.  The data is foreseen at 4.3% much higher then previous 2.1%.

Traders will also pay attention to the US weekly Jobless Claims, which were forecast at 209k from the previous 198k.


US Personal Consumption Expenditure (PCE) Price Index and the Core print is set to release on weekend. The reading will have a significant impact as it is the Fed preferred inflation measure. The data is foreseen at 0.3% from the previous 0.1%.

The numbers could give some clues for the Federal Reserve on whether to hike rates again by another 25bps. With the latest economic projections citing a Fed funds rate of 5.6% by year end and another spike in oil prices exerting further upward pressure on prices as well as wages there is a risk that we might see another rate rise next week.