The USA will publish unemployment claims on October 22 at 15:30 MT time. How to trade after the release?
Will the AUD rise on a steady rate?
RBA will announce its interest rate on Tuesday at 07:30 MT time.
Instruments to trade: AUD/USD, AUD/NZD, AUD/CHF, EUR/AUD
On March 19, the interest rate of Australia was reduced to 0.25%. Since then, it was kept steady. The Reserve Bank of Australia informed that there will be no intention to increase the rate until there is full employment, a 2-3% inflation rate, and other indications that the economy is recovering. That means the rate will be kept steady in the nearest future as the virus fallout has just started to be visible. Although certain economic improvements are reported in Australia, the prevailing expectation is that this quarter will bring a severe contraction in the economy and the jobless rates will surge. Hence, we will look at the tone of the RBA press conference to gather details of the outlook for the AUD.
- If the bank’s tone is hawkish, the AUD will rise.
- If the bank’s tone is dovish, the AUD will fall.
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.