Here is the list of economic updates which may influence the market.Yesterday, the Fed has once again raised interest rates to 0.75% and is projected to increase to 4.4% by the end of 2022.
GBP: MPC Official Bank Rate Votes at 4:30 PM
Released monthly
Next Release Nov 03, 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 4:30 PM.
GBP: Monetary Policy Summary at 4:30 PM
Released monthly
Next Release Nov 03, 2022
Source first released in Aug 2015
It’s among the primary tools the MPC 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
GBP: Official Bank Rate at 4:30 PM
Measures: Interest rate at which the BOE lends to financial institutions overnight
Scheduled monthly
Next Release Nov 03, 2022
The rate decision is usually priced in the market, so it tends to be overshadowed by the Monetary Policy Summary, 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- [2.25%]
Previous- [1.75%]
Actual- ?
Impact- The forecast figure seems to be negative for base metals and the dollar while positive for bullions. The actual figure is to release at 4:30 PM.
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 Sep 29, 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- [213K]
Actual- ?
Impact- The forecast figure seems to be slightly negative for base metals and the dollar while positive for bullions. The actual figure to release at 6:00 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 Sep 29, 2022
Inventories are used to maintain price stability during supply shortages and periods of increasing demand
Forecast- [97B]
Previous- [77B]
Actual- ?
Impact- The forecast figure seems to be slightly negative for Natural Gas The actual figure is to release at 8:00 PM.
Source: Forex Factory
For more economic updates, stay tuned with us…!!