Market Brief October 18th: Building Permits from the U.S.
The day starts with a speech from the president of the European Central Bank, Mario Draghi and then we have news coming in from the United Kingdom and the U.S.
EUR 09:10 a.m. GMT + 1, ECB President Draghi Speaks- speeches from the head of the Central Bank have a direct impact on the euro as Draghi delivers comments and discussions of economic conditions that influence interest rates.
GBP 09:30 a.m. GMT +1, Claimant Count Change (Sep) – the number gives us information on the change of unemployed individuals during the month of September. A rising result would suggest weakness for the currency and would have a negative impact on consumer spending and growth of the economy. Expectations for the month of September point to an increase at 1.0K versus -2.8K. A higher than expected number should be seen as a bearish sign for the economy. A lower result, should boost the pound.
USD 13:30 p.m. GMT+1, Building Permits (Sep)- the big event for the day is due from the U.S. We’ll see the change in the number of Building Permits issued from the government. Projections point to a decrease at 1.245 M in September compared to 1.272 M for August. A higher than expected number should influence the dollar positively while a bad result would bring down the price of the currency.
15:30 p.m. Crude Oil Inventories- analysts expect a decrease in the supply of inventories for this week at -4.750 M compared to last week’s – 2.747M. If we see a cut of production in oil, this should increase the prices of the commodity, However, if there is oversupply, this will should be seen as a strongly bearish sign for oil.
Wishing you Happy and Successful Trading!
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