Market news

Key economic events to watch in week 17

By Paul Reid

30 April 2024

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This week brings a series of pivotal economic events that could sway markets and influence trading strategies. Here’s what to keep an eye on, along with specific times and dates:

Monday

  • Various nations release their latest Purchasing Managers’ Index (PMI) reports, offering a glimpse into the health of the manufacturing sector globally.

Tuesday

  •  15:00 GMT for February, with a consensus expectation of 53, indicating continued expansion of the US services sector.

Wednesday

  • 12:30 AM GMT expected to decline to 1.4% from 2.1%. 

  • 15:00 GMT, with a decline of 131,000 jobs anticipated, but minimal impact is expected until the NFP report later in the week.  

  • Jerome Powell speaks to Congress on Wednesday and Thursday, likely emphasizing the need for clear proof of inflation moving towards the Federal Reserve target of 2%.

Thursday

  • ECB Interest Rate Decision: 13:15 GMT. The market consensus expects rates to remain stable at 4.5%. Investors are focused on the subsequent press conference for insights into future monetary policy steps.

Friday

  • 13:30 GMT, with an anticipated increase of 0.1% in February, which may slightly impact the loonie. 

  • 13:30 GMT, including Non-Farm Payrolls (NFP) and Unemployment Rate. The NFP is expected to decline to 200,000 from 250,000.

Exness assets to watch

Consider heading over to your Exness Personal Area and opening your Exness demo account to experiment with lot sizes and leverage before you trade for real. This week's events are likely to affect several assets available for trading on Exness:

  • Central bank announcements and macroeconomic data can significantly influence currency pairs, particularly USD pairs, EUR pairs, JPY pairs, and CAD pairs, due to this week's interest rate decisions, job reports, and GDP releases.

  • Oil and gold markets may react to shifts in macroeconomic data, including GDP growth and unemployment figures, as well as potential changes in market sentiment resulting from central bank policies.

Conclusion

Economic reports are powerful influences that tend to disrupt technical forecasts, so mark the dates and times in your trading journal and factor in market sentiment influences. Recent market reactions to economic data releases haven’t been typical, so trade smart this week and be ready for unexpected volatility. Consider installing the Exness Trade App so you can stay current and possibly capitalize on market shifts, no matter where you are.


This is not investment advice. Past performance is not an indication of future results. Your capital is at risk, please trade responsibly.


Author:

Paul Reid
Paul Reid

Paul Reid is a financial journalist dedicated to uncovering hidden fundamental connections that can give traders an advantage. Focusing primarily on the stock market, Paul's instincts for identifying major company shifts is well established from following the financial markets for over a decade.