Next week on the markets is set to be another interesting one, given a number of top-tier macro releases and events scheduled. Focus will be mostly on US jobs data for September (Friday, 1:30 pm BST) and OPEC+ meeting (Wednesday). However, rate decisions from RBA and RBNZ will also be followed closely. Be sure to watch USDCAD, OIL and AUDNZD next week.
USDCAD
Beginning of a new month means that the time has come for the release of a fresh set of jobs data from the United States. NFP report for September will be released on Friday at 1:30 pm BST and is expected to show a 250k increase in non-farm payrolls. The Fed is still seeing the labor market as strong and any signs of softness could see it reconsider how much tightening is still needed. USDCAD is likely to be very active during the release as the Canadian jobs report will be published simultaneously. In the case of Canadian data, the market expects a net employment gain of 22.5k.
OIL
Deteriorating outlook for the global economy, and in turn for oil demand, pushed crude prices to pre-invasion levels. As such, more and more media reports surfaced saying that OPEC+ may decide on a 500-1000k bpd output cut at its next meeting on October 5, 2022. In spite of relatively high oil prices and global calls for increased production, the cartel remained unconvinced saying that demand drop is looming and output cuts will be needed. It looks like the cartel will not limit itself to words but may take decisive action.
AUDNZD
Both Antipodean central banks - Reserve Bank of Australia and Reserve Bank of New Zealand - are set to announce their rate decisions. RBA will do so on Tuesday at 4:30 am BST and markets are expecting a 50 bp rate increase. RBNZ will announce its decision on Wednesday at 2:00 am BST and a 50 bp rate hike is also expected in this case. AUD has been outperforming NZD as of late with AUDNZD jumping to levels not seen since late-2013.
Daily Summary - Powerful NFP report could delay Fed rate cuts
BREAKING: Massive increase in US oil reserves!
BREAKING: US100 jumps amid stronger than expected US NFP report
Market wrap: Oil gains amid US - Iran tensions 📈 European indices muted before US NFP report
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
