Here is the checklist of economic data which may create volatility in the market.
Crude Oil Inventories at 9:00 PM
Measures: Change in the number of barrels of crude oil held in inventory by commercial firms during the past week
Released weekly, 4 days after the week ends
Next Release Dec 21, 2022
While this is a US indicator, it most affects the loonie due to Canada’s sizable energy sector
It’s the primary gauge of supply and demand imbalances in the market, which can lead to changes in production levels and price volatility
Forecast- [ -3.4M ]
Previous- [-5.2M]
Actual- ?
Impact- The forecast figure seems to be slightly positive for Crude Oil The actual figure to release at 9:00 PM
USD FOMC Economic Projections at 12:30am
Scheduled 4 times per year
Next Release Mar 22, 2023
This report includes the FOMC’s projection for inflation and economic growth over the next 2 years and, more importantly, a breakdown of individual FOMC member’s interest rate forecasts. Source first released in Apr 2011
It’s the primary tool the Fed uses to communicate their economic and monetary projections to investors
USD FOMC Statement at 12:30am
Scheduled 8 times per year
Next Release Feb 2, 2023
The FOMC usually changes the statement slightly at each release. It’s these changes that traders focus on
It’s the primary tool the FOMC uses to communicate with investors about monetary policy. It contains the outcome of their vote on interest rates and other policy measures, along with commentary about the economic conditions that influenced their votes. Most importantly, it discusses the economic outlook and offers clues on the outcome of future votes
USD: Federal Funds Rate at 12:30am
Measures: Interest rate at which depository institutions lend balances held at the Federal Reserve to other depository institutions overnight
Scheduled 8 times per year
Next Release Date Feb 2, 2023
The rate decision is usually priced into the market, so it tends to be overshadowed by the FOMC Statement, which is focused on the future
Short term interest rates are the paramount factor in currency valuation – traders look at most other indicators merely to predict how rates will change in the future
Forecast- [4.50%]
Previous- [4.00%]
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 12:30am
Source: Forex Factory
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