Economic calendar: All eyes on PMIs and central banks

6:58 AM 24 October 2018

Summary:

  • PMIs in the spotlight through the day
  • Riksbank and BoC will release their interest rate decisions today
  • Some notable American companies will publish earnings

The economic calendar on Wednesday looks quite busy as there are scheduled many interesting readings. Investors will be offered PMIs from Europe and Riksbank’s decision this morning. Manufacturing and services PMIs from the United States will be published in the afternoon. On top of that, the Bank of Canada will attract investors’ attention as it will release its interest rate decision. Note that some major US companies will report their earnings through the day.

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8:30 am BST - Sweden, Riksbank Interest Rate Decision: A meeting of the Swedish central bank will start the week full of interest rate decisions. In the next days investors will be offered three noteworthy meetings - BoC, ECB and CBRT. Nevertheless, returning to Sweden, the market consensus suggests no changes will be made today as the bank prepares for a possible move in December.

9:00 am BST - Eurozone, Manufacturing and Services PMIs: The Eurozone’s Manufacturing PMI has been falling since the beginning of this year, excluding the one-off July’s slight build. Today, another small drop, 53 vs. 53.2 pts previously is expected. The gauge concerning the services sector looks a little more optimistic as it experienced the slight rises in the three past months. However, today’s publication is forecasted to show a decline from 54.7 pts to 54.5 pts. Investors will be also offered PMIs from France and Germany.

2:45 pm BST - US, Manufacturing and Services PMIs: Apart from the European PMIs, investors will be focused on the gauges from the United States. American PMI Indices, unlike the Eurozone’s ones, are expected to show a little more positive view. Namely, the manufacturing reading is anticipated to show a tiny drop from 55.6 pts for September to 55.5 pts for October, and the services gauge is expected to produce a rise from 53.5 pts to 54 pts. Do note that we’ve had a massive divergence between PMIs and ISMs lately.

3:00 pm BST - Canada, BoC Interest Rate Decision: The BoC meeting is the second central bank decision today. The central bank is widely expected to lift borrowing costs with the market-implied likelihood hovering around 90%. The inflation outlook could watched closely given the fact that we got a disappointing release on Friday.

Central bank speakers scheduled for today:

  • 4:30 pm BST - Fed’s Bullard
  • 6:00 pm BST - Fed’s Bostic
  • 6:10 pm BST - Fed’s Mester

Major US companies reporting earnings today:

  • Microsoft (MSFT.US) - aft-mkt
  • Visa (V.US) - aft-mkt
  • AT&T (T.US) - bef-mkt
  • Boeing (BA.US) - bef-mkt
  • United Parcel Service (UPS.US) - bef-mkt

The USDCAD is trading a notch below 1.31 on Wednesday morning. Source: xStation5

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