The USA will publish unemployment claims on October 22 at 15:30 MT time. How to trade after the release?
Federal Reserve’s Meeting
The Federal Reserve strongly influences the USD exchange rate. The central bank has already raised the interest rate 2 times this year. The market anticipates 1-2 additional rate hikes. However, just recently, the US president’s top economic adviser urged the Fed to raise interest rates “very slowly”, despite the fact that usually the administration avoids comments on monetary policy.
The US dollar needs some support to continue its upward movement. The Fed will release the interest rate and the economic outlook on August 1 at 21:00 MT time. If the Fed takes the administration’s comments into consideration, traders may anticipate a more dovish statement of the central bank.
• If the Fed is hawkish, the USD will move up;
• If the Fed is dovish, the USD will lose momentum.
Check the economic calendar
Source of the picture: TRADINGECONOMIC.COM|FEDERAL RESERVE
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
The European Central Bank publishes the monetary policy statement alongside with an update on the interest rate on October 29, at 15:45 MT time.
The Bank of Canada will publish the rate statement together with the interest rate on October 28, at 17:00 MT time.