[Weekly] Economic Calendar: Fed Rate Cuts!?

This week brings several crucial economic events that may significantly impact the market. Here's an overview: 

European Union Gross Domestic Product (GDP) q/q

Tuesday – 4:00AM CST

Gross Domestic Product q/q reflects the changes in the total value of all goods and services produced in the euro area in the current quarter compared to the previous one. The calculation excludes the price of goods and services used in the intermediate manufacturing. The data are seasonally adjusted.

GDP allows evaluating the rate of the economic growth and living standard of the population.

The growth of the indicator value can have a positive effect on euro quotes.

Forecast: 0.1%

Previous: 0.0%

European Union Gross Domestic Product (GDP) y/y

Tuesday – 4:00AM CST

GDP y/y reflects the changes in the total value of all goods and services produced in the euro area in the specified quarter compared to the same quarter of the previous year. The calculation excludes the price of goods and services used in the intermediate manufacturing. The data are seasonally adjusted.

GDP allows evaluating the rate of the economic growth and living standard of the population.

The growth of the indicator value can have a positive effect on euro quotes.

Forecast: 0.1%

Estimated: 0.1%

Canada Gross Domestic Product (GDP) m/m

Tuesday – 7:30AM CST

Canada Gross Domestic Product (GDP) m/m is the macroeconomic indicator of the national economy state. It reflects the value of all goods and services produced in all sectors of economy on the territory of Canada. The indicator shows the GDP change in the reported month compared to the previous one.

GDP growth can have a positive effect on CAD quotes.

Forecast: 0.4%

Previous: 0.6%

Canada Gross Domestic Product (GDP) y/y

Tuesday – 7:30AM CST

GDP y/y reflects changes in the total value of all goods and services produced in Canada in the current quarter compared to the same quarter of the previous year. The calculation takes into account private consumption, government spending, expenditures of all enterprises and net exports of the country. GDP growth can have a positive effect on CAD quotes.

Forecast: 1.0%

Previous:  0.9%

The Conference Board United States Consumer Confidence Index

Tuesday – 9:00AM CST

Consumer Confidence Index displays the level of consumer confidence in the stability of the country's economy. It is based on the data from the monthly survey of more than 5000 households and is designed to evaluate the relative financial status, purchasing power and confidence of an average consumer. The survey consists of five questions, two of which are associated with the current economic conditions, while three deal with expectations. Since 60% of the survey has to do with expectations, the indicator is considered to be a leading market indicator. The indicator growth assumes an increase in consumer spending.

Forecast: 139.7

Previous: 151.0

ADP United States Nonfarm Employment Change

Wednesday – 7:15AM CST

ADP Nonfarm Employment Change shows the monthly change in 19 manufacturing sectors in the United States. The indicator does not take agriculture into account. The calculation includes data collected from about 400 000 private enterprises.

The indicator characterizes the labor market and industrial sector activity. Employment growth can have a positive effect on dollar quotes.

Forecast: 193K

Previous: 184K

United States JOLTS Job Openings

Wednesday – 9:00AM CST

JOLTS Job Openings is a monthly report on job vacancies in the US commercial, industrial and office areas. The calculation includes all vacancies that are open as of the last business day of a month.

The indicator is included in the JOLTS (Job Openings and Labor Turnover Survey) report based on employers' survey. In addition to job openings, it includes data on employment, hires and separations.

JOLTS characterizes the US labor market. Index growth may have a positive effect on dollar quotes.

Forecast: 8.351M

Previous: 8.756M

ISM United States Manufacturing Purchasing Managers Index (PMI)

Wednesday – 9:00AM CST

ISM Manufacturing PMI reflects business conditions in the US manufacturing sector in the specified month. The indicator is based on a survey of representatives from more than 400 companies. Unlike Markit, ISM considers not only private companies but is based on the common NAICS (North American Industrial Classification System) list. The questionnaire considers employment, production level, inventories, new orders and supplier deliveries.

Readings above 50 can have a positive effect on US dollar quotes.

Forecast: 48.5

Previous:50.3

EIA United States Crude Oil Stocks Change

Wednesday – 9:30AM CST

The Energy Information Administration's (EIA) Crude Oil Stocks Change Indicator is published weekly. It measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices.

Growing crude oil stocks indicate a weaker demand for oil and can have a negative impact on the oil barrel price.

Forecast:  -0.507M

Previous: -6.368M

Federal Reserve System (Fed) Interest Rate Decision

Wednesday – 1:00PM CST

FED Interest Rate Decision is made on a predetermined date during the vote among the members of the Federal Open Market Committee (FOMC) concerning the Federal Reserve short-term interest rates to be charged from credits and commercial bank loans.

The increasing rate can have a positive effect on USD, while a decrease can affect USD negatively. If the rate remains unchanged, the analysts evaluate the number of "for" and "against" votes and discuss statements of voters after the minutes of meeting are published in order to forecast the results of the next meeting.

Forecast: N/A

Previous:5.50%

Federal Open Market Committee (FOMC) Press Conference

Wednesday – 1:30PM CST

FOMC Press Conference is a quarterly event that attracts the attention of financial analysts and economists from around the world. During the press conference, the US Federal Open Market Committee members respond to journalists' questions about the US monetary policy, inflation prospects and measures taken to achieve its target level.

The index allows making conclusions about the terms of interest rate changes or changes in the monetary policy, depending on the speaker's rhetoric. Indirect hints at the coming growth of interest rates are seen as positive for the dollar.

United States Nonfarm Payrolls

Friday – 7:30AM CST

Nonfarm Payrolls present the number of new jobs created during the given month, in all non-agricultural sectors of the U.S.

The indicator growth can have a positive effect on dollar quotes.

Forecast: 197K

Previous: 303K

ISM United States Non-Manufacturing Purchasing Managers Index (PMI)

Friday – 9:00AM CST

ISM Non-Manufacturing PMI reflects activity in the US service sector in the reporting month. The indicator is based on a survey of representatives from more than 400 companies. Unlike Markit, ISM considers not only private companies but is based on the common NAICS (North American Industrial Classification System) list.

Readings above 50 can have a positive effect on US dollar quotes.

Forecast: 51.5

Previous: 51.4

As we navigate through this week, it's essential to remain vigilant and informed about the multitude of economic events on the horizon. Each event has the potential to significantly influence market dynamics and shape investment strategies. To stay ahead of the curve and fully grasp the implications of these events, be sure to monitor updates and analysis from reputable sources. As always, informed decision-making is key in navigating the ever-changing landscape of global financial markets.

Wishing you a successful and profitable week of trading!