Three markets to watch next week (04.09.2023)

6:29 PM 1 September 2023

NFP report for August is already behind us and while there is still some time until the FOMC meeting, investors will hear from the Reserve Bank of Australia and Bank of Canada next week. In both cases, however, rates are expected to stay unchanged. Grain traders will stay on guard as Erdogan is set to meet with Putin to discuss a grain deal. Be sure to watch USDCAD, EURAUD and WHEAT in the week ahead!


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CAD traders will have to keep on guard this week. Bank of Canada is scheduled to announce its next monetary policy decision this Wednesday at 3:00 pm BST. Market expects the main interest rate to stay unchanged at 5.00%, with just an 11% chance of a 25 basis point rate hike. However, given that BoC is often mimicking Fed's moves, surprise looks highly unlikely. Another source of CAD-volatility is scheduled for Friday, 1:30 pm BST - Canadian jobs report for August.



Bank of Canada is not the only major central bank scheduled to announce a decision next week. Traders will also hear from the Reserve Bank of Australia on Tuesday, 5:30 am BST. Just as in case of BoC, RBA is expected to keep rates unchanged with the main rate staying unchanged at 4.10%. RBA rate decision combined with German factory orders (Wednesday, 7:00 am BST) and industrial production data for July (Thursday, 7:00 am BST) will ensure volatility on EURAUD this week.



Wheat as well as other grains may become more active next week. Turkish President Erdogan is expected to meet his Russian counterpart Vladimir Putin in Sochi, Russia and the two are expected to discuss the Black Sea grain initiative. Russia withdrew from the agreement, saying that the West does not live up to its commitments, and now attempts are made to re-allow grain exports from Ukraine. 

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