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31 Oct 2021
2 min read

Economic Calendar Updates – 31/10

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

Key Takeaways

  • Key non-farm payrolls report for October will highlight the pace of economic recovery
  • The US Federal Reserve gathers for its regular policy meeting on Tuesday and Wednesday

The Week Promises Volatility

The week starting Monday, November 1, brings important economic data that is sure to elevate the volatility in the markets. While the focus will be spread from the UK to the US, two major events will be this week’s highlights. More precisely, the non-farm payrolls and the Federal Reserve press conference.

On Monday, the weekly scheduled economic releases kick off with UK’s manufacturing PMI data for October. The report arrives at 05:30 am EST. Later, at 11:00 am EST, the US will deliver its ISM manufacturing PMI numbers for October.

Next, at 11:30 pm EST, the Australian central bank will announce its interest rate decision for November. The Reserve Bank of Australia is expected to leave rates unchanged at 0.1%.

On Tuesday, Germany will report its manufacturing PMI figures for October at 04:55 am EST. New Zealand’s employment change for the third quarter follows at 05:45 pm EST.

On Wednesday, the UK releases its composite and services PMI numbers at 05:30 am EST. Next, the US publishes its ADP nonfarm employment change for October at 11:00 am EST.

The US Federal Reserve Concludes Two-Day Meeting

The Federal Reserve will release a statement on the economy at 02:00 pm EST. Moreover, the US central bank will deliver its interest rate decision at the same time. To conclude the central bank’s two-day meeting, Fed Chairman Jerome Powell will appear for a press conference.

His speech will be closely monitored by traders and investors. They will look for insights into the Fed’s plans about tapering or reducing, the extraordinary monetary stimulus. In previous meetings, Mr. Powell has indicated Fed officials are planning to unwind their bond purchases as soon as November.

On Thursday, the UK will announce its construction PMI for October at 05:30 am EST. Later, at 08:00 am EST, the Bank of England will publish its interest rate decision for November. UK’s central bankers are expected to leave rates unchanged at 0.1%.

Nonfarm Payrolls Data Ahead

On Friday, the highly important monthly nonfarm payrolls will be released at 08:30 am EST. Also, the US Labor Department will announce the unemployment rate for October at the same time. The numbers, more specifically the jobs report, will highlight the pace of recovery of the US economy for October. In more detail, analysts expect to see employers added 385,000 new hires to the labor market.

Friday’s major data concludes with Canada’s employment change for October at 08:30 am EST.

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