Economic Events Outlook, Oct 9: German Trade Balance In Highlights!
Arslan Butt • 2 min read
What’s up, traders.
The financial markets exhibited thin volatility during the Asian session. Speaking about the macroeconomic events, the market doesn’t have any major catalyst due for today. Investor focus is likely to shift to low impact economic events. That being said, it’s going to be another fine day to trade the technical trade setups. But before these, let’s take a quick look at economic figures…
Today’s Economic Events Watchlist
JPY – Economy Watchers Sentiment
The Japanese Cabinet office is due to release the economy watchers sentiment at 5:00 (GMT). It’s a survey of about 2k workers which asks respondents to rate the relative level of current economic conditions.
There’s a standard benchmark of 50 points, above this, the worker seems optimistic while below 50 indicates pessimism. Considering the deflationary risk and the economic slowdown that Japan was facing and ultra-loose monetary policy by the Bank of Japan, the figure should cross above 50 but it’s still forecast to be 47.3, which is likely to weigh on the safe haven currency.
EUR – German Trade Balance
At 6:00 (GMT), the Destatis is due to release the trade balance figures for Germany. It’s a difference in value between imported and exported goods during the reported month. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports.
Germany is one of the business hubs in the Eurozone and contributes to the economic growth of Eurozone. This is why traders look forward to a jump in the German exports. Economists are expecting a trade surplus of 15.9 billion vs. 15.8 billion in August.
USD – NFIB Small Business Index
It’s a survey of small businesses which asks respondents to rate the relative level of economic conditions including labor markets, inventories and sales, capital spending, inflation, earnings and wages, and credit markets. National Federation of Independent Business (NFIB) is due to release numbers at 10:00 (GMT) with a slightly positive forecast of 108.9 vs. 108.8.
GBP – MPC Member Broadbent Speaks
The Bank of England’s Deputy Governor Ben Broadbent is due to testify on the use of the Retail Price Index before the Economic Affairs Committee in London at 14:35 (GMT). Since he is a voting member of the BOE, any remarks on Brexit and the upcoming monetary policy can drive some action in the market.
Fellows, all of these are low impact economic events and may or may not drive volatility in the market. But it will be awesome to trade the technical trade setups. So stay tuned to FX Leaders for trade plans and Fx signals!