The NFP report for September and the OPEC+ meeting are behind us, and now the markets will focus their attention on the beginning of the Q4 2022 earnings release season for Wall Street companies, which will provide information on the health of the private sector. In addition, the publication of the minutes of the latest FOMC meeting is worth noting. Given the recent volatility of the pound, it is also worth focusing on the latest data from the UK and CPI data from the US. Particularly relevant instruments in the coming week will therefore be the US500, GOLD and GBPUSD.
US500
Wall Street's Q4 2022 earnings release season will begin next week with publications from major US financial institutions. Investors will learn about BlackRock's report on Thursday, October 13, while reports from Citigroup, Morgan Stanley, JPMorgan and Wells Fargo will be released on Friday, October 14. All of these reports will be published before the opening of the US session. The financial condition of banks often reflects that of the economy as a whole, so results from the banking sector could be an important driver for the US500 and other US indices.
GOLD
Gold managed to bounce off the support zone at $1615 from late September and retested the $1730 resistance area early this week. Nevertheless, the main trend remains downward, and investors are looking for a catalyst for the next big move. Such a catalyst could come at 7pm BST on Wednesday, when the FOMC minutes will be released. Investors will look to them for clues about the future pace of quantitative tightening, so the content of the document could have a big impact on markets, including precious metals.
GBPUSD
The FOMC minutes on Wednesday may have an impact on the US dollar, but the GBPUSD currency pair will also have a chance to move on Thursday, when CPI inflation data for September will be published (13:30 BST). The market expects the headline rate to decline slightly from 8.3% to 8.1% y/y, and the core rate from 6.3 to 6.5% y/y, which is unlikely to discourage the Fed from halting tightening. A higher-than-expected reading could strengthen the case for a more aggressive approach and have a positive impact on the USD. Also, the release of the UK data package on Wednesday (07:00 BST) and US retail sales data for September on Friday (14:30) could provide some short-term volatility.
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