Here is what you need to know about the important news between October 02th 2023 and October 06th 2023, where we take a look at the economic data, market news and headlines likely to have the biggest impact on the market prices this week and beyond, as well as the US Dollar, and other key correlated assets.
U.S. dollar index
At the 11th hour, Congress managed to avert a US government shutdown. The shutdown was not expected to be a major market driver. Economists at TD Securities expect a short-term pullback in USD.
Gold
Gold price (XAU/USD) settled deep in the red on Friday to end September down over 4.5% and lower for the second quarter in a row. The yellow metal also recorded its biggest weekly decline in more than two years and continues to be weighed down by growing acceptance that the Federal Reserve (Fed) will keep interest rates higher for longer. The US central bank indicated the possibility of one more rate hike by the year-end, which, in turn, is seen as a key factor driving flows away from the non-yielding commodity.
Gold price did gain some respite on Friday following the release of the Personal Consumption Expenditures (PCE) Price Index from the United States (US), though the uptick ran out of steam rather quickly. The data does little to change the view that the Fed will tighten its monetary policy further. The outlook, meanwhile, triggers a fresh leg up in the US Treasury bond yields on Monday and drags the non-yielding yellow metal for the sixth successive day, to its lowest level since March 10 heading into the early European session.
Oil.
Prices of WTI dropped for the second session in a row on Friday following Thursday’s YTD peaks. The daily drop came on the back of shrinking open interest and volume and could leave the door open to a near-term rebound with the immediate target on the 2023 top at $94.99 (September 28)..
Economic calendar most important releases – All times are GMT
Monday, October 2, 2023
10:00 USD ISM Manufacturing PMI (Sep)
10:00 USD ISM Manufacturing Prices (Sep)
11:00 USD Fed Chair Powell Speaks
23:30 AUD RBA Interest Rate Decision (Oct)
Tuesday, October 3, 2023
10:00 USD JOLTs Job Openings (Aug)
21:00 NZD RBNZ Interest Rate Decision
Wednesday, October 4, 2023
08:15 USD ADP Nonfarm Employment Change (Sep)
09:45 USD S&P Global Services PMI (Sep)
10:00 USD ISM Non-Manufacturing PMI (Sep)
10:00 USD ISM Non-Manufacturing Prices (Sep)
10:30 USD Crude Oil Inventories
Thursday, October 5, 2023
08:30 USD Initial Jobless Claims
Friday, October 6, 2023
08:30 USD Average Hourly Earnings (MoM) (Sep)
08:30 USD Nonfarm Payrolls (Sep)
08:30 USD Unemployment Rate (Sep)
Thanks for reading! Have a great week!
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