Here are some of the important economic data that will be the focus of the market throughout this week.
WEDNESDAY (October 23, 2024)
BOC Policy Meeting (9.45 PM) – After lowering interest rates by 25 basis points for 3 consecutive meetings before, the Canadian central bank is expected to implement a bigger cut at this latest meeting by 50 basis points to 3.75%. This followed a decline in the latest Canadian inflation data reading last week.
THURSDAY (October 24, 2024)
European Manufacturing & Services PMI data (4.00 PM) – Heading into the final weeks at the end of the month, readings on key sectors will be watched to gauge the current performance of economic activity. Readings in France and Germany are the focus for Europe.
UK Manufacturing & Services PMI data (4.30pm) – The market is not expecting a big change in the figure for October compared to last. Both sectors are predicted to record good numbers, remaining above the 50 point level.
US Manufacturing & Services PMI data (9.45pm) – The latest data reading for the United States is expected to stabilize again for October after last month's lackluster figures. The data will affect the movement of the US dollar at the end of the week.
FRIDAY (25 October 2024)
Canadian Retail Sales Data (8.30 PM) – After the impact from the reaction to the BOC meeting results, the Canadian dollar will be driven by this data before this week's trading curtains are anchored. Projected weak figures for August could add pressure on the Loonie.
University of Michigan Consumer Sentiment Survey (10.00 PM) – The US dollar in the last session of the week will also be affected by the updated US consumer survey data from the initial reading that has been published. An increased number can give a positive picture for spending and economic activity.
