As October 2024 comes to a close, this week brings an unusually high number of key economic releases that could sway major assets. Among the highlights are U.S. labor and consumer data, European inflation and GDP figures, and, of course, the highly anticipated Nonfarm Payrolls.
With markets focusing on US Dollar pairs, the DAX index, and major U.S. indices, each release holds the potential to set new trends and drive market sentiment into November.
🇺🇸 JOLTS Job Openings — October 29, at 16:45 (GMT+2)
The week kicks off with the JOLTS Job Openings report, expected to show a slight decline to 7.688 million from last month’s 8.040 million. A drop in job openings could suggest some cooling in the U.S. labor market, which might weigh on the dollar as it could lessen pressure for further rate hikes. Traders in US Dollar pairs and U.S. indices will be watching closely, as job market trends often set the tone for economic sentiment early in the week.
🇺🇸 CB Consumer Confidence Index — October 29, at 16:00 (GMT+2)
The U.S. CB Consumer Confidence Index is up next, with a slight uptick expected at 98.9 from the previous 98.7. Even a minor boost in consumer sentiment can signal resilience in spending, impacting key U.S. indices like the Dow ($US30), Nasdaq ($NAS100), and S&P 500 ($SPX500), as well as USD-based currency pairs. A stronger confidence reading might support the dollar, as optimism often aligns with steady economic growth and rate stability.
🇪🇺 GDP q/q — October 30, at 12:00 (GMT+2)
European quarterly GDP is set to show zero growth this time, a step down from the previous 0.3%. This pause in economic momentum hints at challenges within the Eurozone, potentially impacting the euro if growth stalls as expected. With weaker growth signals, the market may start anticipating more accommodative measures from the European Central Bank, which could ripple through $EURUSD trading dynamics.
🇺🇸 GDP q/q — October 30, at 14:30 (GMT+2)
This quarter's U.S. GDP report has traders watching closely, with a forecasted growth of 3.2% compared to the previous 3.0%. A stronger-than-expected GDP could boost confidence in the U.S. economy, likely supporting the US Dollar.
Meanwhile, $EURUSD has seen a burst of bullish momentum, breaking a three-day losing streak to close above 1.0800 just days ahead of this release. Although the pair's recovery is slowing slightly, technical signals suggest sellers are still holding off, keeping the door open for further gains if U.S. data surprises.
🇪🇺 CPI and Core CPI — October 30, at 12:00 (GMT+2)
This week, all eyes are on the European CPI and Core CPI release – a major update for anyone trading $EURUSD or the DAX index ($GERMAN30). CPI gives us a snapshot of inflation in Europe, showing if prices are rising or cooling. Right now, expectations are at -0.2%, just below last month’s -0.1%, hinting that inflation may be slowing.
Why does this matter? Lower inflation often means the European Central Bank (ECB) might lean toward rate cuts, which could ease pressure on borrowing and potentially weaken the euro. So, if you’re in the market, this release could shake things up in the Eurozone!
🇺🇸 Nonfarm Payrolls — November 1, at 14:30 (GMT+2)
The week wraps up with the highly anticipated Nonfarm Payrolls report, a critical gauge for anyone tracking the Dow Jones, Nasdaq, or S&P 500. This report reveals how many jobs were added in the U.S. economy, signaling the health of business growth and consumer spending. Expectations are set at 229K, a bit lower than last month’s 254K.
A smaller number could hint at cooling in the labor market, which might ease pressure on interest rates – news that equity markets tend to watch closely.
That's it for this week! 👋
As this week brims with crucial economic data points, market participants should brace for potential swings and volatility.
