Here are some of the important economic data that will be the focus of the market throughout this week.
WEDNESDAY (October 9, 2024)
RBNZ Policy Meeting (9.00am) – After starting policy easing at the previous meeting, the Reserve Bank of New Zealand is expected to continue its interest rate cuts this week. After cutting interest rates by 25 basis points last August, the central bank is expected to further lower interest rates by 50 basis points to 4.75% at the October meeting.
THURSDAY (October 10, 2024)
Minutes of the FOMC Meeting (2.00 AM) - Will affect US dollar trading towards the end of the week, investors will look for more details in the minutes to be published for the September meeting following an aggressive cut of 50 basis points in interest rates by the Federal Reserve.
US Consumer Inflation Data (8.30 PM) – A drop in US annual inflation figures that are close to the central bank's target level will further strengthen expectations for the Federal Reserve to continue its interest rate cuts. From the current inflation level of 2.5%, the market expects the latest inflation to decrease to 2.3% for the September reading.
FRIDAY (October 11, 2024)
UK GDP data (2.00 PM) – Monthly growth of the UK economy is forecast to have increased to 0.2% for last August. A better reading compared to the previous reading of zero, could support an increase in the value of the Pound in the market.
Canada Jobs Data (8.30 PM) – Canada is forecast to record an increase of 33,100 jobs in September, up from the previous month. However, Canada's unemployment rate is expected to rise to 6.7% from 6.6% previously.
US Producer Inflation Data (8.30pm) – In addition to consumer inflation, the market will also be looking at readings for the US producer price index with forecast figures recorded for September also falling.
