/analysis/week-ahead-all-eyes-on-rba-rate-statement-and-uk-gdp/
Significant economic events are expected to impact the forex market this week. Traders should closely monitor the Reserve Bank of Australia’s rate statement and the UK’s Gross Domestic Product (GDP) release. These indicators could substantially sway market conditions, underscoring the importance of staying abreast of recent developments to ensure a successful trading week.
Here are some notable highlights for the week:
The Reserve Bank of Australia (RBA) considered raising its cash rate in October 2023 but chose to maintain it at 4.1% for the fourth consecutive month.
Analysts anticipate the central bank will increase its cash rate to 4.35% at its next meeting on 7 November.
Inflation expectations in New Zealand rose to 2.83% in Q3 2023, up from 2.79% in Q2 2023.
The data for Q4 2023 is scheduled to be released on 8 November, with analysts forecasting a decline to 2.6%.
The British economy expanded by 0.2% month-over-month in August 2023, following a contraction of 0.6% in July.
The figures for September are due to be released on 10 November, with analysts predicting a 0.1% growth in the country’s GDP.
The University of Michigan’s consumer sentiment index for the US was revised upward to 63.8 in October 2023 from the preliminary estimate of 63.
Analysts anticipate the next report will reflect a sentiment index of 65.
Education
Official partners:
Risk Warning: Trading CFDs carries a high level of risk and may not be suitable for all investors. Leverage in CFD trading can magnify gains and losses, potentially exceeding your original capital. It’s crucial to fully understand and acknowledge the associated risks before trading CFDs. Consider your financial situation, investment goals, and risk tolerance before making trading decisions. Past performance is not indicative of future results. Refer to our legal documents for a comprehensive understanding of CFD trading risks.
The information on this website is general and doesn’t account for your individual goals, financial situation, or needs. VT Markets cannot be held liable for the relevance, accuracy, timeliness, or completeness of any website information.
Our services and information on this website are not provided to residents of certain countries, including the United States, Singapore, Russia, and jurisdictions listed on the FATF and global sanctions lists. They are not intended for distribution or use in any location where such distribution or use would contravene local law or regulation.
VT Markets is a brand name with multiple entities authorised and registered in various jurisdictions.
· VT Global Pty Ltd is authorised and regulated by the Australian Securities & Investments Commission (ASIC) under licence number 516246.
· VT Global is not an issuer or market maker of derivatives and is only allowed to provide services to wholesale clients.
· VT Markets (Pty) Ltd is an authorised Financial Service Provider (FSP) registered and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa under license number 50865.
· VT Markets Limited is an investment dealer authorised and regulated by the Mauritius Financial Services Commission (FSC) under license number GB23202269.
· VTMarkets Ltd, registered in the Republic of Cyprus with registration number HE436466 and registered address at Archbishop Makarios III, 160, Floor 1, 3026, Limassol, Cyprus.
Copyright © 2024 VT Markets.
