The Week Ahead: 17th – 21st October 2022

Overview for the Week Ahead

U.S. earnings season gets underway against a background of worries that the Federal Reserve’s aggressive rate hike campaign could tip the economy into a recession. Investors will get an update on the U.S. housing market where the increase in borrowing costs has already led to cooling demand. Appearances by several Fed officials are also on the agenda. In the U.K., Jeremy Hunt will his first full week as Chancellor after Prime Minister Liz Truss was forced to fire his predecessor. Elsewhere, third quarter economic data out of China is likely to underline the challenges facing the world’s number two economy, while in Japan the yen is back on intervention watch.

China’s key economic data this week will likely show a fragile recovery as stringent Covid policies, and a property-market slump continue to batter consumer and business confidence.

European Union leaders meeting at the end of this week will explore a range of options for gas price caps, over which they have been divided for weeks, according to a new draft of conclusions for the Oct. 20-21 summit seen by Reuters.

The EU’s 27 countries have been deadlocked for weeks over whether and how to cap gas prices as part of efforts to tame soaring energy prices, as Europe heads into a winter of scarce Russian gas, a cost-of-living crisis and a possible recession.

EU ambassadors will hold an extraordinary meeting in Luxembourg late on Monday to discuss the matter.

Have your trading charts ready!

This Week’s High Impact Events

The times below are GMT +3.

Monday 17^th October

15.30 – US – Empire State Manufacturing Index

Potential instruments to Trade: USD Crosses.

Tuesday 18^th October

00.45 – New Zealand – CPI q/q

Potential instruments to Trade: NZD Crosses.

03.30 – Australia – Monetary Policy Meeting Minutes

Potential instruments to Trade: AUD Crosses.

05.00 – China – GDP q/y & Retail Sales y/y

Potential instruments to Trade: CNY Crosses.

Wednesday 20^th October

09.00 – UK – CPI y/y

Potential instruments to Trade: GBP Crosses.

15.30 – Canada – CPI m/m

Potential instruments to Trade: CAD Crosses.

Thursday 21^st October

03.30 – Australia – Employment Change & Unemployment Rate

Potential instruments to Trade: AUD Crosses.

15.30 – US – Philly Fed Manufacturing Index

Potential instruments to Trade: USD Crosses.

17.00 – US – Existing Home Sales

Potential instruments to Trade: USD Crosses.

Friday 22^nd October

From 10.15 – Europe – Flash Manufacturing PMI & Flash Services PMI

Potential instruments to Trade: EUR Crosses.

11.30 – UK – Flash Manufacturing PMI & Flash Services PMI

Potential instruments to Trade: GBP Crosses.

16.45 – US – Flash Services PMI & Flash Manufacturing PMI

Potential instruments to Trade: USD Crosses.

18.00 – US – Treasury Sec Yellen Speaks

Potential instruments to Trade: USD Crosses.

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