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4 Market Events with High economic impact this week
Want to know the main trend makers of the week? Here are the market events that will most likely impact the market trends.
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ECB Monetary Policy meeting
The European central bank will be meeting this week for its monetary policy meeting.
The meeting comes on the back of the September meeting where no changes were made. The ECB is widely expected to maintain the status quo and giving a balanced statement this week.
Inflation continues to whipsaw and officials are likely to maintain a cautious tone as a result.
As with the previous monetary policy meeting, the ECB will be cautioning against the risks of the global trade wars and its effect on growth.
The central bank will also mark the final phase of its bond purchases this month.
Starting from October, the ECB will be purchasing bonds to the tune of only 15 billion euro before ending its bond purchases in December.
Bank of Canada Monetary Policy meeting
The Bank of Canada will be holding its monetary policy meeting this week.
Speculation is high that the Bank of Canada will be hiking interest rates at this week’s meeting. Therefore, Canada’s interest rates are expected to rise to 1.75%.
The hawkish expectations come as the Canadian economy continues to rise strongly indicating its capacity to sustain higher interest rates.
The Canadian dollar is also well supported by the higher crude oil prices.
Earlier last week, the Bank of Canada’s business outlook survey pointed to a robust economic outlook.
US GDP Report
Economic data from the U.S. this week will see the release of the advanced GDP report.
There will also be host of other economic reports coming out. The third quarter GDP is forecast to rise 3.2% on the quarter.
This marks a slower pace of GDP gains compared to 4.2% increase seen in the previous quarter.
Besides the GDP report, other economic reports over the week will cover the durable goods orders and pending home sales report.
Norges Bank Monetary Policy meeting
The Norges bank will be holding its monetary policy meeting this week.
Following the interest rate hike in September, the central bank is expected to hold monetary policy steady this week as it waits for more information from the economy.
Meanwhile, the central bank will be watching the ECB for further clues.