Major Market Shifts This Week! NFP & Big Data Drops

Welcome back, traders! We're diving into a pivotal week as we close out October and open the books on November. With the last few days of the month and big economic events lined up, we’re looking at some serious movement in the markets. This Friday, we’re expecting a major Non-Farm Payrolls (NFP) report from the U.S. — always a big deal for trading. Let's go over what’s on the docket and what it might mean for market trends.

Monday Kickoff
While New Zealand and Greece take a breather for public holidays, we're preparing for action starting midweek.

Key Events to Watch This Week

Tuesday: We start to get into the swing of things with some preliminary Australian inflation data and German GDP. Both numbers are expected to come in low, especially German GDP, which is set to stay at -0.3% for the quarter. Low GDP isn’t a positive sign, so it’s something to keep an eye on for EUR pairs.

Wednesday: We have several key U.S. indicators — consumer confidence and JOLTS job openings. Consensus puts job openings around 7.92 million, slightly below the previous 8.04 million, which may indicate a cooling in the U.S. job market.

Thursday: This is where things heat up. The Bank of Japan's interest rate decision could impact JPY significantly, given Japan's election uncertainty. We’re also keeping an eye on Eurozone CPI, which is expected to rise to 1.9%, a possible signal of inflation pressure in Europe. Also, U.S. core PCE price index data will shed light on inflation trends.

Friday: The main event is the U.S. NFP report. A better-than-expected report could keep the dollar bullish, while a miss could weaken it, especially if coupled with slowing inflation data. We also have ISM Manufacturing PMI, another potential mover for the USD.

My Take on the USD
Right now, I’m seeing some potential for a pullback on the dollar, though much depends on how the week's data pans out. With the economic calendar packed, I’ll be following CPI and GDP numbers closely, especially in the context of upcoming elections.

If you want a deeper dive into any of these events, be sure to join me for a live session Tuesday and  Thursday! We’ll look closer at the NFP and how to play these moves. Let’s make it a great week!

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