Week Ahead 31/10/22: Fed, BoE rates; earnings
Next week is another in which earnings are likely to show further warnings around the poor outlook. IG’s chief market analyst, Chris Beauchamp, discusses EUR/USD around the Federal Reserve rate decision and non-farm payrolls.
On the earnings front, we highlights Sainsbury’s, as it reports first half (H1).
(Partial video transcript)
Events to watch next week: 31/10/2022
We begin with the economic diary ahead. We've got Japanese retail sales followed by manufacturing and services PMI data out in China. Then later on in the day, following on from that surprise rise or expansion in German GDP on Friday, we get retail sales out for the German economy and also Eurozone third quarter (Q3) gross domestic product (GDP) growth rate. That's a first look at that GDP for the third quarter across the eurozone.
1/11/2022
On Tuesday 1 November we begin with the manufacturing PMI data out in China from Caixin.
Meanwhile, we also get the Reserve Bank of Australia (RBA) interest rate decision where we are expecting another interest rate rise.
Later on in the day we've got job openings in the United States, followed by the ISM Manufacturing PMI data and API crude oil inventories.
02/11/2022
In the midweek trading session things really begin to heat up. We have the Bank of Japan (BoJ) minutes from the last meeting at which it left interest rates unchanged at the negative 0.1%.
Then following on from that we get the jobs number out in Germany and trade numbers, and later on the US's private payrolls from the ADP and the EIA crude oil inventories. This will be followed by an interest rate decision from the Federal Reserve (Fed) at 19:00.
03/11/2022
Australian trade balance kicks us off on Thursday followed by the Caixin services PMI data out of China, and then it's the Bank of England (BoE) interest rate decision where we are widely expecting an interest rate rise, possibly 75-basis points. But the big question is there about how the BoE will know what to do bearing in mind the Chancellor of Exchequer, Jeremy Hunt has pushed out the fiscal statements so to some degree, the Bank of England will be flying blind, having spoken behind the scenes to try and coordinate the efforts to try and rein in inflation across the UK.
US trade numbers out at 1:30 p.m on the 3rd. Initial jobless claims and the ISM services PMI data out later on in the day.
04/11/2022
On Friday we get factory orders in Germany, and the big data of the day rounding off the week is nonf-arm payrolls (NFPs) followed by the weekly Baker Hughes oil rig count.
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