Speeches to come from Fed Chair Powell and ECB President Lagarde
Economic calendar summary
A lighter week in economic data brings speeches from central bank leaders to the forefront. Fed Chair Powell and ECB President Lagarde are set to speak publicly at separate events throughout the week. Traders will hope for commentary on their respective monetary policy expectations as well as the developing conflict in Israel.
News from Asia and Australia include an interest rate decision from the RBA and inflation out of China that could be positive or negative. An interest rate hike from Australia tonight is expected, but not guaranteed.
Interest Rate Decision - Australia
Previous: 4.1%
Expected: 4.35%
The Reserve Bank of Australia will meet tonight with the expectation of a 25 bps rate hike. This forecast is a recent adjustment from a rate hold after stronger-than-expected retail sales and sticky inflation came in over the past few weeks. However, the RBA was expected to hike in August and elected not to - traders will likely watch AUD/USD for comments or actions resulting from the meeting.
Inflation Rate - China
Time: 8:30pm ET Wednesday, November 8th
Previous: 0%
Expected: -0.1%
Inflation in China has staggered over recent months, hovering around 0%. A surprise higher or lower from 0% could translate to price action in pairs correlated to China's economy like AUD/USD and USD/JPY.
Fed Chair Powell Speech - US
Time: 2:00pm ET Thursday, November 9th
Previous: N/A
Expected: N/A
Fed Chair Jerome Powell is scheduled to join a policy panel discussing challenges in the global economy at an International Monetary Fund conference. He joins the Bank of Israel's Governor and Harvard professor, and may provide clues to when the US can expect rate cuts and how the US will be impacted by Israeli conflict.
GDP YoY - UK
Time: 2:00am ET Friday, November 10th
Previous: 0.6%
Expected: 0.5%
Stalling growth in GDP has been the story in the UK for all of 2023 with little expected change this quarter. After an interest rate hold from the BoE last week, a compelling Q3 GDP number in either direction could shift rate expectations for the BoE's final meeting this year in a month.
ECB President Lagarde Speech - Euro Area
Time: 7:30am ET Friday, November 10th
Previous: N/A
Expected: N/A
Friday morning, ECB President Christine Lagarde will speak with the Financial Times in a fireside chat expected to yield context for the state of economic growth in the Euro Area.
How to trade economic events
- Open an account to get started, or practice on a demo account
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- Open, monitor, and close positions on forex pairs
Trading forex requires an account with a forex provider like tastyfx. Many traders also watch major forex pairs like EUR/USD and USD/JPY for potential opportunities based on economic events such as inflation releases or interest rate decisions. Economic events can produce more volatility for forex pairs, which can mean greater potential profits and losses as risks can increase at these times.
You can help develop your forex trading strategies using resources like tastyfx’s YouTube channel. Once your strategy is developed, you can follow the above steps to opening an account and getting started trading forex.
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