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Oct 29, 2018

BANK OF ENGLAND AND NONFARM PAYROLLS JOBS REPORT IN FOCUS

BOE and Jobs

During the upcoming trading week traders and investors look to interest rate decisions from the Bank of Japan and the Bank of England. The Bank of Japan is expected to keep rates and monetary policy on hold, while expectations are high that the Bank of England may hint to future interest rate hikes this week. Brexit and concerns over rising inflationary pressures also likely to feature into the Bank of England’s assessment of the United Kingdom economy.

The United States economy also releases the Nonfarm Payrolls Job report later this week, with most economists expecting that the American economy created 190,000 new jobs during the month of October. We also see important PMI Manufacturing data from the Chinese and United States economies and key jobs figures from the German and Canadian economies.

Monday 29th October, USD US Core PCE

The US Core PCE Index report is greatly valued mainly due to its capability of forecasting inflationary pressures inside the American economy. The Federal Reserve utilizes a measure of inflation resulting from the PCE as their primary gauge of inflation. An overall increase in prices may be derived from an excess take in of these high levels of production and consumption.

  • The USDJPY pair is bearish while trading below the 112.00 level, key support is found at the 111.10 and 110.00 levels.
  • If the USDJPY pair moves above the 112.00 level, buyers will likely test towards the 112.87 and 113.30 resistance levels.

Tuesday 30th October, EUR German Unemployment

German Unemployment Change is a measure of the change in the number of non-employed people in Germany for the previous month. Traders will be watching unemployment data closely, as the German economy has recently started to slow due to a weakening in Manufacturing activity. Germany is considered the powerhouse economy of the Euro-zone, making its Unemployment data a key indicator for investors.

  • The EURUSD pair is bearish while trading below the 1.1500 level, key support is found at the 1.1340 and 1.1300 levels.
  • If the EURUSD pair moves above the 1.1500 level, buyers may test towards the 1.1550 and 1.1600 levels.

Wednesday 31st October, CNY Chinese Manufacturing PMI

The Chinese Manufacturing Purchasing Managers Index is released by the Chinese Federation of Logistics and Purchasing. China’s PMI and is an economic indicator that measures the activity level of purchasing managers in the manufacturing sector each month. This October Chinese PMI is expected to weaken from the previous month’s figure due to US trade tariffs from the Trump administration and slowing global growth.

  • The AUDUSD pair is bearish while trading below the 0.7160 level, further downside towards the 0.7000 and 0.6910 levels seems likely.
  • If the AUDUSD pair moves above the 0.7160 level, buyers are likely to test towards the 0.7220 and 0.7310 resistance levels.

Thursday 1st November, USD US Manufacturing PMI

The United States PMI Composite reports on Manufacturing activity inside the American economy and represents economic indicators derived from monthly surveys of private sector companies. The Purchase Managers Index data provides advance insight into the private sector economy by tracking variables such as output, new orders, employment and prices across key sectors.

  • The USDCAD pair is bullish while trading above the 1.3123 level, further upside towards the 1.3220 and 1.3290 resistance levels seems possible.
  • If the USDCAD pair continues to trade below the 1.3123 level, sellers are likely to test towards the 1.3000 and 1.2840 support levels.

Friday 2nd November, USD US Nonfarm Payrolls Job Report

The NFP job report shows the monthly change in employment in the American economy, excluding the farming sector. Non-farm payrolls are the most carefully observed indicator in the employment situation inside the United States. It is considered the most inclusive calculation of job creation, which causes the Nonfarm Payrolls Job report to become highly significant to market participants, due to the great importance of labour in the United States economy.

  • The GBPUSD pair is bearish while trading below the 1.2900 level, further downside towards 1.2785 and 1.2650 levels remains possible.
  • If the GBPUSD pair trades above the 1.2900 level, buyers are likely to test the 1.2990 and 1.3055 resistance levels.
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