Baxia Markets
October 31, 2023

Week Ahead Analysis in FX: Oct. 29-Nov.04

WEEK AHEAD - BEAR AND BULL - FUNDAMENTAL ANALYSIS - BAXIA MARKETSThe curtain rises on another critical trading week, as October gives way to November. A slew of paramount economic events are on the horizon, capable of bringing substantial volatility to the market. Here's a concise overview of the pivotal announcements and their prospective influence on the currency markets.


Japan Monetary Policy Statement - The Bank of Japan's monetary stance will be under scrutiny. Any unexpected moves or insights can lead to significant volatility in the JPY pairs.

Canada GDP - Monthly GDP data will offer a snapshot of the Canadian economy's health. Strong growth could bolster the CAD, while a miss might exert downward pressure.

NZ Employment Change &Unemployment Rate - These will provide a deep dive into New Zealand's labor market. Positive employment changes combined with a decline in the unemployment rate can act as tailwinds for the NZD.

US Federal Funds Rate - One of the most awaited events for USD traders. Any rate hikes or dovish/hawkish undertones can send shockwaves through the USD pairs.



UK Official Bank Rate - GBP pairs will be on tenterhooks as traders seek clues on the Bank of England's monetary direction. A hike could boost the GBP, whereas a hold or dovish tone might suppress it.



Switzerland CPI - Inflation data from Switzerland will be keenly eyed. Rising inflation might suggest a more hawkish stance from the Swiss National Bank, potentially bolstering the CHF.

Canada Employment Change & Unemployment Rate - The health of the Canadian job market will be on display. Robust employment numbers and a declining unemployment rate can provide a boost to the CAD.

US Non-Farm Employment Change & Unemployment Rate - These figures are always pivotal for the USD. A surge in employment numbers combined with a drop in the unemployment rate can be bullish indicators for the USD. Conversely, disappointing figures might weigh on the greenback.


In summation, traders, gear up for an intense week filled with significant data points. Maintain vigilance, and as we always emphasize, ensure your risk management strategies are robust. Let's capture the opportunities and navigate the challenges together.

For your easy reference, you can find all important economic events anytime at your convenience by accessing our
Economic Calendar here.


How to Trade economic events?

  1. Open an account to get started, or Try the platform
  2. Select your preferred forex trading platform
  3. Open, monitor & close positions on FX pairs

Forex trading around economic events demands an account with providers like Baxia. Major forex pairs like EUR/USD and USD/JPY are on many traders' radars, especially during impactful economic occurrences such as interest rate announcements or inflation data. These events can induce heightened volatility, implying the potential for both higher profits and increased risks.


You can help develop your forex trading strategies using tools like Baxia’s Learning Center. Once your trading strategy is developed, follow the steps above to open an account and kickstart your forex trading journey.


Keep in mind, your profit or loss is calculated according to your full position size. Using leverage amplifies both your profits and losses. It's crucial to manage your risks as losses might surpass your initial deposit. Make sure you understand with the risks of leveraged trading before diving in. Always trade with funds you can afford to part with.

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Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.


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