This week was wild with UK Prime Minister Truss resigning following a failed attempt to introduce massive tax cuts. GBP will remain in the spotlight as Conservative Party looks for a successor. Apart from UK politics, next week's attention will also be on earnings from mega techs, US GDP report for Q3 and rate decision from ECB and BoC. Be sure to watch GBPUSD, US100 and EURCAD next week!
GBPUSD
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Create account Try a demo Download mobile app Download mobile appUK Prime Minister Truss resigned after around a month and a half in the post and now the question is who will take over. Rishi Sunak is seen as a favorite to replace her but there are also calls for Boris Johnson to return to Downing Street 10. What makes it more interesting is that Conservative Party wants to choose a new Prime Minister before the end of the week so GBPUSD should see a lot of volatility on headlines. Apart from that, flash release of US GDP for Q3 on Thursday, 1:30 pm BST should also make the pair move.
US100
Earnings season in the United States is getting traction and we are heading into a week that is by many seen as the most important. This is because we will get Q3 earnings reports from US mega techs - Alphabet and Microsoft on Tuesday, Meta on Wednesday while Amazon and Apple will report on Thursday. All 5 companies will report after the close of the Wall Street session. How those companies coped amid deteriorating macro outlook and how they see their performance in the coming quarters may be crucial for Nasdaq-100 (US100).
EURCAD
The European Central Bank and Bank of Canada will announce their next monetary policy decisions next week. The ECB is scheduled to make a decision on Thursday at 1:15 pm BST and the market is almost certain that it will go for a 75 bp rate hike. Similar decision is expected from the Bank of Canada on Wednesday at 3:00 pm BST. As those expectations are well priced-in any surprise may trigger a spike in EURCAD volatility.
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