Must Watch Daily Forex Events


Eurozone data released on Monday showed factories, in the eurozone, having their strongest month for over 12-months. What will be moving markets today? This 3 October Must Watch Daily Forex Events Overview from FxPro will guide you through the day.

3 October, FxPro – However, whilst such data would normally see a rise in EUR, the violence marred independence vote in Spain’s Catalonia region has created concern in the markets with the political risk this could cause to the European Community.

Spain now faces its biggest constitutional crisis in decades, as reports suggest that over 90% of voters have chosen to “leave” Spain. Investors will be keenly watching the Spanish Governments response and if this could lead to a “decoupling” of Catalonia.

As expected, the Reserve Bank of Australia left interest rates unchanged at 1.5% earlier today.

3 October Forex and Commodities Markets Outlook

EURUSD continued its recent downward trend, falling 0.4% on Monday and continuing lower in early Tuesday trading. Currently, EURUSD is trading around 1.1720.

USDJPY is relatively unchanged overnight, currently trading around 112.95.

GBPUSD continues to move lower with the uncertainty surrounding Brexit negotiations and Prime Minister Theresa May’s apparent lack of party support. Currently, GBPUSD is trading around 1.3265.

After dropping 0.35% on Monday, Gold has retraced slightly in early Tuesday trading to currently trade around $1.272.

WTI suffered a near 2.5% loss on Tuesday on oversupply fears. Currently, WTI is trading around $50.65.

3 October Must Watch Daily Forex Events

At 09:30 BST, the UK Chartered Institute of Purchasing & Supply and Markit Economics will release UK PMI Construction for September. Consensus is calling for a reading of 50.8, slightly worse than the previous release of 51.1, which is very close to the 50 level that would suggest stagnation.

A reading of 50.8 underlines the uncertain economic outlook facing the UK and the difficulty the Bank of England has in gauging economic growth. A release considerably different from consensus will see GBP experience high volatility.

At 9:00 BST, Eurostat will release Eurozone PPI (YoY) for August. The forecast is for a higher reading of 2.3% (previously 2.0%). A reading of 2.3% or above could see EUR strengthen and add further impetus for the ECB to reign in stimulus and possibly look at raising interest rates.

Disclaimer

This article ‘ 3 October Must Watch Daily Forex Events ‘ is a marketing communication. It is not an investment advice or an investment recommendation. Past performance is not a guarantee of or prediction of future performance.

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