Key Events and Trends for the First Week of October: This week, markets focus on key economic events, including UK GDP,
European inflation, and critical US employment data.
Speeches from policymakers and market reactions in gold, major currencies,
and indices like Nasdaq are expected to shape trading sentiment.
Here’s a quick overview of the upcoming highlights.
Content
Economic Events
Tuesday, 1 October 202
Consumer Price Index (Yearly) (September)-12:00-EUR
JOLTS Job Openings (August)-17:00 -USD
Wednesday, 2 October 2024
ADP Non-Farm Employment Change (September)-15:15 – USD
Thursday, 3 October 2024
ISM Non-Manufacturing PMI (September)-17:00 – USD
Friday, 4 October 2024
Average Hourly Earnings (Monthly) (September)-15:30 -USD
Non-Farm Employment Report (September)-15:30 -USD
Unemployment Rate (September)-15:30 – USD
Gold
Gold experienced some downward correction at the end of last week’s trading after reaching a new historical peak around 2685.
Current market developments continue to support the upward trend in the coming period,
especially with the markets awaiting US employment data this week.
If the downward correction extends,
the best buying levels for gold are around the 2625 support level,
from which we might see a return to the peak.
EURUSD
Despite the recent weakness in the US dollar, the EURUSD pair is trading sideways due to the euro’s weakness.
The pair trades around 1.1159 after bouncing from the upper boundary of the sideways range around 1.1200.
This supports a continuation of downward movement towards 1.1029,
from where we could see a return to an upward trend.
The bullish scenario would occur if the pair breaks above 1.1200 and closes higher, targeting 1.1350.
GBPJPY
The GBPJPY pair is trading around 190 after substantial declines
at the end of last week’s trading as the yen regained strength.
This supports further downward movement towards 188.70,
which needs to be broken and closed below for the pair to continue its downward trend, targeting 186.
However, if we see weakness in the downward momentum around 188.70, the pair might experience a new upward wave.
Nasdaq
The Nasdaq index showed positive movement above 19,923 last week, closing around 20,008.
This supports the continuation of a positive outlook after absorbing the recent downward wave.
Market expectations lean towards a 50 basis point rate cut by the Federal Reserve in November,
which would significantly support US stocks if US labor market figures improve.
As a result, the Nasdaq is expected to continue rising in the coming days, targeting 20,686.
The GBPUSD pair shows some weakness after the recent strong gains.
It traded around 1.3367 but could not break through the resistance formed around 1.3426.
This supports a downward correction to retest the role-reversal level around 1.3263,
from where the pair may resume upward towards 1.3426 and then 1.3543.
Key Events and Trends for the First Week of October