Weekly Market Outlook - One Royal

Weekly Market Outlook: Oct 7th – 11th: FOMC Minutes & US CPI – PPI Ahead

Hello Traders,

Heading into the second week of the month after the US NFP and unemployment data, we have seen nonfarm payrolls coming positive at 254K vs the 147K, expectations while unemployment rate came down to 4.1% from 4.2% in an overall positive outlook for the US jobs market and a recovery bounce in the US Dollar after the last 2 months decline. This week the focus is shifting towards FOMC minutes, CPI and PPI data. Furthermore, New Zealand’s Interest rate decision and UK’s GDP is ahead of us.

The Calendar – Important Economic Releases – London Times (source: investing.com)

economic calendar oct 7th - 11th

First important release is from New Zealand’s Interest Rate Decision which is expected to have a rate cut from 5.25% down to 4.75% at least, following up with ECB & US federal Reserve’s footprints, while the same day FOMC minutes will take place as traders would seek for more clues for the future of US monetary policy. The next Day’s CPI is expected to come down to 2.3% vs the 2.5% previously, while any rise of it would cause some short term volatility. The week ends with UKs GDP and US PPI.

Markets Technical Outlook

USDX 4HR – Key Week To Decide If It Should Head Towards Upper 103 Levels, Possible Consolidation – RSI Suggests Currently In Strength 

USDX 7.10.2024

 

EURUSD 4hr – 1.0900 Area Reached – Short Term Weakness Might Continue Within The Lower End Of The Area

EURUSD 07.10.2024

 

USDJPY 4HR – Reached The 148 Area, Currently Buyers In Control – Reaction To Determine What Happens Next

USDJPY 07.10.2024

 

XAUUSD 4HR – Buyers Still In Control – Key Week To Decide If 26.09.2024 Break or If It Will Still Consolidate Sideways To Lower

XAUUSD 07.10.2024

 

ES500 Mini Futures 4HR – Buyers Still In Control – Cycle from 06.09.2024 Still Intact – CPI Might Be Key This Week

es500 07.10.2024

 

The markets overall should be anticipating the CPI data this week for the next potential move as any signs or increase in inflation can cause volatility and more spikes higher in the US Dollar while anything within expectations could continue to provide support for equities, gold and put downwards pressure for the US Dollar. More updates during week.

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