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(16th - 20th October 2023) Weekly News Update by LQDFX
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[QUOTE="Daniel LQDFX, post: 225215, member: 107699"] [HEADING=1] [Right]19 October 2023[/Right][/HEADING] [Right]Thursday[/Right] [Heading=2]On Thursday, October 19, 2023, both Australia and the United States are poised to make high-impact news announcements. Australia is scheduled to disclose its figures for Employment Change and the Unemployment Rate. Simultaneously, the United States will release data concerning Unemployment Claims. These events are of great significance to analysts, investors, and policymakers monitoring global economic trends.[/Heading] [B][U][Center]AUD – Employment Change[/Center][/U][/B] Traders maintain a close watch on job creation as it serves as a pivotal leading indicator with a profound influence on consumer spending, subsequently exerting a significant impact on overall economic activity. During August, Australia witnessed a notable resurgence in employment figures, marking a recovery from an unforeseen dip. Simultaneously, the unemployment rate remained unchanged, suggesting resilience in the labor market despite the Reserve Bank's twelve interest rate hikes. Data from the Australian Bureau of Statistics, released on Thursday, revealed a substantial addition of 64,900 jobs compared to the prior month, with the bulk of the increase stemming from part-time positions. This figure significantly exceeded the anticipated job gain of 25,000. The forecast for the [B]Australian Employment Change[/B] is reading an [B]increase[/B] of [B]15,000[/B] individuals. [B][U][Center]AUD – Unemployment Rate[/Center][/U][/B] Traders value this indicator because, despite being considered lagging, the number of unemployed people remains a crucial signal of overall economic health due to the strong correlation between consumer spending and labor-market conditions. The unemployment rate held steady at 3.7% as the labor force expanded, maintaining a range between 3.4% and 3.7% since June of the previous year. The forecast for the [B]Australian Unemployment Rate[/B] is reading an [B]unchanged 3.7%[/B]. The announcement of the [B]unemployment rate[/B] is scheduled for [B]Thursday, October 19, 2023, at 01:30 AM GMT+1[/B]. This data holds significance for analysts and investors seeking insights into the labor market. Last time, the [B]Unemployment Rate[/B] and [B]Employment Change[/B] were announced on the [B]14th of September, 2023[/B]. You may find the [B]market reaction graph (AUDJPY M1)[/B] below: [ATTACH type="full"]25534[/ATTACH] [B][U][Center]USD - Unemployment Claims[/Center][/U][/B] While typically considered a trailing indicator, the count of unemployed individuals remains a pivotal barometer of the broader economic well-being, owing to its strong correlation with consumer spending. Additionally, unemployment holds notable importance for those tasked with shaping the nation's monetary policies. In the week concluding on October 7th, the number of Americans applying for unemployment benefits steadfastly remained at 209,000, subtly undercutting estimates that projected 210,000. This figure sustains its proximity to September’s seven-month low of 202,000. Concurrently, continuing claims witnessed a surge, increasing by 30,000 to 1,702,000 in the preceding week. Although this figure surpassed market estimates, which anticipated 1,680,000, it remains notably adjacent to the lows experienced in this year’s third quarter. This data reinforces the evidence that the labor market is maintaining its historically robust and tight condition. Consequently, it underscores the labor market's enhanced resilience amidst the Federal Reserve’s assertive tightening cycle, thereby providing some latitude for sustaining elevated rates over an extended period. [B]TL;DR[/B] [ATTACH type="full"]25531[/ATTACH] The forecast for the [B]US Unemployment Claims[/B] is reading an [B]increase[/B] to [B]212,000[/B] individuals. The announcement of the [B]Unemployment Claims[/B] is scheduled for [B]Thursday, October 19, 2023, at 01:30 PM GMT+1[/B]. Last time, the [B]Unemployment Claims[/B] were announced on the [B]14th of September, 2023[/B]. You may find the [B]market reaction graph (USDJPY M1)[/B] below: [ATTACH type="full"]25535[/ATTACH] [HR][/HR] [HEADING=1] [Right]20 October 2023[/Right][/HEADING] [Right]Friday[/Right] [Heading=2]On Friday, October 20, 2023, the UK is scheduled to unveil its Retail Sales m/m data, while the United States will disclose its Treasury Currency Report. These announcements are of great interest to analysts and investors tracking global economic trends.[/Heading] [B][U][Center]GBP - Retail Sales m/m[/Center][/U][/B] Traders find it particularly noteworthy due to its role as a primary indicator of consumer expenditure, which constitutes a significant portion of the overall economic activity. In August 2023, retail sales in the UK exhibited a modest recovery, with a 0.4% increase compared to the previous month, partially rebounding from the 1.1% decline experienced in July, although it narrowly missed the 0.5% market consensus. This recovery was particularly evident in food store sales, which saw a notable 1.2% increase, and non-food store sales, which grew by 0.6%. However, online trade declined by 1.3%, and automotive fuel sales experienced a 1.2% drop, primarily attributed to rising fuel prices. Looking at the annual perspective, retail trade declined by 1.4% in August, marking the 17th consecutive month of contraction but showing the slowest rate of decline in this period. [B]TL;DR[/B] [ATTACH type="full"]25532[/ATTACH] The forecast for the [B]UK Retail Sales m/m[/B] is reading a slight [B]decrease[/B] of [B]-0.1%[/B]. The upcoming [B]Retail Sales m/m[/B] data is scheduled for release on [B]Friday, October 20, 2023, at 07:00 AM GMT+1[/B]. This announcement is eagerly awaited by analysts and investors for insights into consumer spending trends. Last time, the [B]Retail Sales m/m[/B] was announced on the [B]22th of September, 2023[/B]. You may find the [B]market reaction graph (GBPUSD M1)[/B] below: [ATTACH type="full"]25536[/ATTACH] [HR][/HR] [I]Disclaimer: The market news provided herein is for informational purposes only and should not be considered as trading advice.[/I] [/QUOTE]
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