US midterm elections are behind us and market attention shifts back to macroeconomic data. Traders will be offered top-tier data releases from the United Kingdom, China, United States and Canada next week and all of those have potential to trigger volatility jumps on the markets. Be sure to watch USDCAD, EURGBP and CHNComp next week!
USDCAD
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Open account Try demo Download mobile app Download mobile appSome of key US macro reports, like NFP and CPI, are already behind us but there is one more important piece of data ahead - US retail sales report for October. Data will be released on Wednesday, 1:30 pm GMT and is expected to show a solid month-over-month jump. Retail sales data provides a hint on the strength of the consumer and will show whether spending continues to dwindle amid mounting macroeconomic uncertainty. USDCAD may be active during the release as Canadian CPI print for October will be released at the same time.
EURGBP
Next week is packed with top-tier data release from the UK economy. GBP traders will be offered jobs report for September (Tuesday, 7:00 am GMT), inflation data for October (Wednesday, 7:00 am GMT) as well as retail sales report for October (Friday, 7:00 am GMT). Situation on the GBP market has calmed since Rishi Sunak took over as prime minister and started to reverse Truss' decisions and plans. However, will this calmness last after data releases, given that the Bank of England already sees the UK economy in a recession?
CHNComp
There was a lot of chatter and speculation on the possibility of China scrapping its Covid-zero policy or at least relaxing it. However, Chinese officials continue to deny media reports about such plans and say that policy must remain in place for the country to emerge from the pandemic for good. Strict restrictions are hurting economic activity and domestic stock markets in turn. Release of monthly activity data for October (Tuesday, 2:00 am GMT) will provide an update on the condition of world's second largest economy.
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