Here is the checklist of economic updates which may influence the conditions of the market.
USD Fed Chair Powell Speaks at 12:00am
Measures: Due to speak about the economic outlook, inflation, and the labor market at the Brooking Institution, in Washington DC
Fed Chair Feb 2018 – Feb 2026. Fed Governor May 2012 – Jan 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 Core PCE Price Index m/m at 7:00pm
Measures: Change in the price of goods and services purchased by consumers, excluding food and energy
Released monthly, about 30 days after the month ends
Next Release Date Dec 23, 2022
Differs from Core CPI in that it only measures goods and services targeted towards and consumed by individuals. Prices are weighted according to total expenditure per item which gives important insights into consumer spending behavior. CPI is released about 10 days earlier and tends to garner most of the attention
It’s the Federal Reserve’s primary inflation measure. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate
Forecast- [0.3%]
Previous- [0.5%]
Actual- ?
Impact- The forecast figure seems to be neutral for base metals and the dollar while positiive for bullions. The actual figure to release at 7:00pm
USD: Unemployment Claims at 7:00 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 Dec 8, 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- [234K]
Previous- [240K]
Actual- ?
Impact- The forecast figure seems to be positive for base metals and the dollar while negative for bullions. The actual figure to release at 7:00 PM.
USD: ISM Manufacturing PMI 8:30pm
Measures: Level of a diffusion index based on surveyed purchasing managers in the manufacturing industry
Released monthly, on the first business day after the month ends
Next Release Date Jan 3, 2023
Above 50.0 indicates industry expansion, below indicates contraction.
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- [49.7]
Previous- [50.2]
Actual- ?
Impact- The forecast figure seems to be neutral for base metals and the dollar while positive for bullions. The actual figure is to release at 8:30pm.
Natural Gas Storage at 9:00pm
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 Dec 8, 2022
Inventories are used to maintain price stability during supply shortages and periods of increasing demand
Forecast- [-82B ]
Previous- [-80B ]
Actual- ?
Impact- The forecast figure seems to be positive for Natural Gas The actual figure is to release at 9:00pm
Source: Forex Factory
For more day to day economic updates stay tuned with us!!