Here is what you need to know about the important news between October 09th 2023 and October 13th 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
This brings us to the extraordinary US payrolls report last Friday. In short, the story here is that the US economy is not slowing sufficiently and so it lowers the bar for the additional (and final) Fed rate hike embedded in the dot-plot. The down tick in wages and bear steepening of the Treasury curve negate the case a higher policy rate but this is not the view of some FOMC hawks. We’ll see what CPI brings on Thursday, but if the S&P adjusts to the current level of 10y UST yields and manages to bounce before the November meeting, then another rate increase may become inevitable. For FX, buying dollar dips would still make sense in this environment.
Gold
Gold price (XAU/USD) witnessed a dramatic intraday turnaround on Friday and rallied over 1.3% from the $1,810 area, or its lowest level since March 8 touched in the aftermath of the United States (US) monthly jobs data. The US Nonfarm Payrolls (NFP) report, meanwhile, reaffirmed bets for at least one more rate hike by the Federal Reserve (Fed) in 2023 and weighed on the precious metal.
Oil.
Prices of WTI attempted a mild bounce at the end of last week following a drop to multi-week lows near $81.00. The downtick was on the back shrinking open interest, which leaves the door open to the continuation of the downward bias in the very near term. Against that, the next support of note emerges at the key $80.00 mark per barrel for the for the time being.
Economic calendar most important releases – All times are GMT
Monday, October 9, 2023
All Day Holiday Canada – Thanksgiving Day
All Day Holiday Canada – Thanksgiving Day
All Day Holiday Canada – Thanksgiving Day
All Day Holiday Canada – Thanksgiving Day
All Day Holiday Japan – National Sports Day
Wednesday, October 11, 2023
08:30 USD PPI (MoM) (Sep)
14:00 USD FOMC Meeting Minutes
Thursday, October 12, 2023
02:00 GBP GDP (MoM) (Aug)
08:30 USD Core CPI (MoM) (Sep)
08:30 USD CPI (YoY) (Sep)
08:30 USD CPI (MoM) (Sep)
08:30 USD Initial Jobless Claims
11:00 USD Crude Oil Inventories
Thanks for reading! Have a great week!
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