As we head into this week, several key economic events are poised to unfold, each with the potential to trigger significant market volatility, especially as the year draws to a close. From pivotal job reports in the US to critical interest rate decisions and GDP announcements, these releases could offer numerous opportunities for potentially profitable trades.
With NAGA, navigating through these economic events becomes more straightforward. As a premier social trading platform, we offer you the unique opportunity to join in on social trading, invest with insight, follow market trends, and copy the strategies of leading traders.
🇺🇸 US JOLTS Job Openings
The week kicks off with the crucial release of the US JOLTS Job Openings on Tuesday at 17:00 GMT+2. This monthly report details the open job vacancies in the US across sectors like retail, manufacturing, and office work. It accounts for all positions that remain unfilled on the last business day of the month.
This indicator is significant for investors and traders, so any deviations from forecasts can lead to fluctuations in $EURUSD, $SPX500, and other US market assets. It's noteworthy that the previous figure was 9.553M, while the forecast for this release is slightly lower at 9.286M.
🇺🇸 ISM Non-Manufacturing PMI
Also on Tuesday, at 17:00 GMT+2, the equally pivotal ISM Non-Manufacturing PMI will be released in the US. This index mirrors the business conditions and service sector activity in the US for the reported month. Its release can either reinforce the trend set by the JOLTS Job Openings or contradict (and possibly halt) it.
Analysts are predicting this index to register at 52.7, generally a positive sign for the markets, especially since last month's figure was 51.8.
Monitoring this release is particularly crucial as the $EURUSD pair drops to 1.0850, with the US dollar moving into a safe-haven zone. Stay alert to catch these vital market signals!
🇨🇦 BoC Interest Rate Decision
The next key event of the week is scheduled for Wednesday at 17:00 GMT+2, focusing on the Bank of Canada's interest rate decision. The current rate stands at 5%. Analysts presently lack clear indications whether the regulator might increase it by 0.25% or 0.50%, making it more likely that the rate will remain at 5%. Generally, this is positive for stocks but could concurrently restrain the national currency, the Canadian dollar.
Hence, the spotlight for this release will be on the $USDCAD currency pair, which is currently in an uptrend at around 1.3500.
🇪🇺 Eurozone GDP q/q
On Thursday at 12:00 GMT+2, attention shifts to the European economic market with the release of the Q3 GDP. This time, analysts generally agree that the figure will mirror that of the previous quarter, marking a consecutive 0.1% decrease for the second quarter in a row. This downturn is a negative indicator for the European Union's economy and its stock market. However, it's important to also consider the impact on the $EURUSD currency pair and the $DAX100 index.
🇺🇸 Nonfarm Payrolls
Wrapping up the week is the highly pivotal US Nonfarm Payrolls report. This data reflects the number of jobs added or lost in the non-agricultural sector in the US over the past month. Many traders and investors keep a close eye on this indicator, impacting not just the $US Dollar but also major indexes like the Dow Jones, Nasdaq, and SPX500.
The release is scheduled for Friday at 15:30 GMT+2. The previous figure came in at just 150K, which was relatively low and had a negative impact on the markets. This time around, it's crucial to closely monitor the figure to respond promptly to any significant changes.
That's it for this week! 👋
