Global Economic Highlights and Market Trends

Global Economic Highlights and Market Trends:  This week brings several important economic events
and market updates that could shape the direction of global markets.
Investors closely monitor the latest data and trends, from central bank decisions to movements in commodities and currency pairs.
In this overview, we highlight the main events to watch,
including the interest rate decision from the Bank of Canada, updates on U.S. oil inventories,
and key performance indicators for
gold, oil, and major currency pairs.
Additionally, we’ll explore the ongoing performance of the
U.S. Dollar Index

amidst expectations of another interest rate cut by the Federal Reserve. 

 

Contents

Economic Events

Gold

Oil

EURUSD

NZDUSD

U.S. Dollar Index

 

 

 

Economic Events

Monday, October 21

PBoC Main Lending Rate – China – 4:15 AM

Wednesday, October 23

Interest Rate Decision by the Bank of Canada – Canada – 4:45 PM  

Existing Home Sales (September) – USA – 5:00 PM  

U.S. Crude Oil Inventories – USA – 5:30 PM  

Thursday, October 24

Unemployment Claims- USA – 3:30 PM  

New Home Sales (September) – USA – 5:00 PM  

Friday, October 25

Government Budget Balance (Yearly) (August) – Canada – 6:00 PM  

 

Gold

Gold continues its upward solid movement, reaching a new historical high by the end of last week around the 2721 level,
after breaking the previous peak at 2685.
This supports the continuation of the uptrend towards the next target,
expected to be around 2770, especially after absorbing the recent corrective downward wave.
At the beginning of the week,
gold may see a corrective wave to retest
the role reversal level around 2685 before continuing its upward momentum.

 

Oil

Oil is trading around the 68.78 level after a significant drop at the end of last week’s trading,
influenced by poor data from the Chinese economy, signaling an escalation of China’s economic crisis.
This has negatively impacted oil prices,
with expectations that
oil may continue its downward movement toward the demand levels extending around 66.30,
after which we may witness a new upward wave for oil.

 

EURUSD

The EURUSD pair saw strong downward movement last week, closing around the 1.0865 level.
The pair experienced some upward correction toward the end of the week,
but overall, the dollar’s strength continues to dominate the pair’s trading.
The
pair is expected to resume its downward trend after retesting the 1.0883 level, targeting 1.0781.
However, if the pair breaks and closes above the 1.0883 level, it could continue to rise toward 1.0949.

 

 

 

 

 

NZDUSD

The bearish trend continues for the NZDUSD pair during the current period.
The
pair trades around 0.6068, below the main resistance level of 0.6106.
This supports the weekly downward movement, targeting 0.5970 and then 0.5849.

 

US Dollar Index

Despite the U.S. Federal Reserve approaching its second interest rate cut in its
upcoming November meeting, the
U.S. Dollar Index continues to rise.
The weakness of other currencies drives these increases as major central banks continue to cut rates,
supporting the dollar’s gains. The
U.S. Dollar Index reached 103.46
and is expected to continue rising, targeting 104.75 in the coming period.

 

Global Economic Highlights and Market Trends