/analysis/week-ahead-markets-to-focus-on-rba-rate-statement-and-boc-rate-statement/
The financial world is keeping a close watch on some important economic news this week. Two major central banks, the Reserve Bank of Australia (RBA) and the Bank of Canada (BOC), will be releasing their rate statements. Given the potential for increased market volatility, we advise traders to exercise caution and stay mindful of their trading strategies.
Here are some notable highlights for the upcoming week:
The Reserve Bank of Australia held its cash rate steady at 4.1% during its August meeting, continuing the rate pause for the second consecutive month.
The central bank is set to announce the next interest rate adjustment on 5 September, and analysts anticipate that the RBA will maintain its rate at 4.1%.
The Australian economy saw a 0.2% quarter-on-quarter expansion in Q1 2023, following a 0.6% increase in Q4 2022.
The figures for Q2 2023 are scheduled for release on 6 September, with analysts predicting another 0.2% increase in the GDP.
The Bank of Canada (BOC) increased the target for its overnight rate by 25 bps to 5% in July 2023. This move followed a surprising 25 bps rate hike in the previous meeting and extended the bank’s tightening cycle, which had briefly paused in March and April.
The next rate statement is scheduled for release on 6 September, and analysts expect the BOC to maintain its interest rates at 5%.
The US Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index, also known as the US ISM Services PMI, fell to 52.7 in July 2023. This follows a four-month high of 53.9 in June.
The ISM’s data for August 2023 is scheduled for release on 6 September, with analysts anticipating a slight decrease to 52.6.
The Canadian unemployment rate edged higher to 5.5% in July 2023 from 5.4% in the previous month, marking the third consecutive increase to levels last seen in January 2022. This reflects some softening in the Canadian labour market.
The figures for August are set to be released on 8 September, with analysts anticipating that the unemployment rate will remain at 5.5%.
Mercados
Educación
Compañía
Preguntas más frecuentes
Promoción
Risk Warning: Trading CFDs carries a high level of risk and may not be suitable for all investors. Leverage in CFD trading can magnify gains and losses, potentially exceeding your original capital. It’s crucial to fully understand and acknowledge the associated risks before trading CFDs. Consider your financial situation, investment goals, and risk tolerance before making trading decisions. Past performance is not indicative of future results. Refer to our legal documents for a comprehensive understanding of CFD trading risks.
The information on this website is general and doesn’t account for your individual goals, financial situation, or needs. VT Markets cannot be held liable for the relevance, accuracy, timeliness, or completeness of any website information.
Our services and information on this website are not provided to residents of certain countries, including the United States, Singapore, Russia, and jurisdictions listed on the FATF and global sanctions lists. They are not intended for distribution or use in any location where such distribution or use would contravene local law or regulation.
VT Markets is a brand name with multiple entities authorised and registered in various jurisdictions.
· VT Global Pty Ltd is authorised and regulated by the Australian Securities & Investments Commission (ASIC) under licence number 516246.
· VT Global is not an issuer or market maker of derivatives and is only allowed to provide services to wholesale clients.
· VT Markets (Pty) Ltd is an authorised Financial Service Provider (FSP) registered and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa under license number 50865.
· VT Markets Limited is an investment dealer authorised and regulated by the Mauritius Financial Services Commission (FSC) under license number GB23202269.
· VTMarkets Ltd, registered in the Republic of Cyprus with registration number HE436466 and registered address at Archbishop Makarios III, 160, Floor 1, 3026, Limassol, Cyprus.
Copyright © 2024 VT Markets.