Week Ahead October 30 – November 3

EURUSD pair closed last week’s trading session lower on ECB rate decision and minutes. The central bank kept interest rates unchanged and highlighted in the minutes, that the interest rate will stay at this level for longer until inflation will come back to normal levels. Although after that ECB’s Christine Laggard commented that there is no chance for reduce rates in the coming future and not sure if rated are at the pick. This hawkish comment helped the pair to recover some lost ground.

As for this week traders and investors will focus on FED rate decision, Inflation number from Europe and US Non-farm payrolls. The FED is not expected to raise interest rates, although the press conference will trigger some volatility according to what FED’s chairman will comment. The escalation of the war between Israel and Hamas will increase demand for save heaven US Dollar and this may push the pair lower

On the economic calendar we have on Monday German gross domestic product pointing lower by -0.3% German Consumer price index lower at 4% On Tuesday, European Harmonized index of consumer prices expected lower at 3.4% European gross domestic product higher by 0.2% On Wednesday, US ADP employment to add 89K new employees and ISM Manufacturing to remain unchanged at 49 On Friday, Non-farm payrolls to add 172K new employees and ISM services PMI to remain unchanged at 53.6

Technically the picture is negative after last week’s close at 1.0564 In this week’s trading session if pair continues on the upside and break above (23.6%) level could open the road for 1.0787  If resumes on the downside it will retest 1.0450 (0%) Our traders are  long at 1.0530 targeting profits above 1.0900 we are expecting more aggressive buyers at 1.0450

GBPUSD pair closed last week’s trading session lower on higher demand of US Dollar as heaven asset. Escalation of the war between Israel and Hamas is pushing investors into US dollar and this adding downside pressure on the pair. The lack of any high impact economic releases and the awaiting of this week’s Rate decision from both the FED and BOE kept the pair lower.

As for this week traders and investors will mostly focus on the FOMC and BOE meetings. None of the central banks are expected to change their interest rates. Although the press conferences that will follow will guide investors on what’s next in their monetary policy.

On the economic calendar we have on Wednesday, US ADP employment to add 89K new employees and ISM Manufacturing to remain unchanged at 49 On Thursday, BOE rate decision and press conference.  On Friday, Non-farm payrolls to add 172K new employees and ISM services PMI to remain unchanged at 53.6

Technically the pair is negative after last week’s close at 1.2118 As for this week, if pair resumes on the upside, will need to break and close above 23.6% to change the picture back to neutral. Alternative, if continues on the downside, and breaks below 1.2100 will open the road for 1.2000 Our traders are long at 1.2150 targeting profits above 1.2700. We are expecting more aggressive long positions at 1.2100

For more detailed economic calendar events please visit our live economic calendar on: 

https://tentrade.com/economic-calendar/

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