The upcoming five-day trading week is expected to be one of the most volatile of the month. Markets will be focused on a key batch of US labor market data (ADP, JOLTS, and Friday’s NFP), interest rate decisions from the Reserve Bank of Australia and the Bank of England, and the preliminary flash estimate of Eurozone inflation for October.
The week kicks off with an assessment of global manufacturing health. Investors will focus on Manufacturing PMI releases in the US.
United States
2:45 p.m. GMT: Manufacturing Purchasing Managers' Index (PMI) (Oct). Forecast: 55.9 | Previous figure: 56.0
3:00 p.m. GMT: ISM Manufacturing PMI (Oct). Forecast: 54.5 | Previous figure: 54.5
Day two shifts attention to the Australian regulator’s monetary policy decision and leading indicators for the US labor market.
Australia
3:30 a.m. GMT 🔥 : RBA Interest Rate Decision (Nov). Forecast: 4.60% | Previous figure: 4.85%
United States
3:00 p.m. GMT: JOLTS Job Openings (Sep). Forecast: 7.079M | Previous figure: 7.110M
The key midweek session: preliminary European inflation figures coincide with US private sector employment reports and crude oil inventories.
Eurozone
10:00 a.m. GMT 🔥 : Consumer Price Index (CPI) (YoY) (October). Forecast: 3.8% | Previous figure: 4.0%
United States
1:15 GMT 🔥 : ADP Nonfarm Employment Change (October). Forecast: 90K | Previous figure: 68K
1:30 p.m. GMT: Trade Balance (September). Forecast: -105.60B | Previous figure: -107.90B
2:45 p.m. GMT: Services PMI (October). Forecast: 57.9 | Previous figure: 57.9
3:30 p.m. GMT: EIA Crude Oil Inventories. Forecast: -1.892M
Thursday maintains the momentum of high-impact releases: the Bank of England’s rate decision will set the trajectory for the British pound.
United Kingdom
12:00 p.m. GMT 🔥 : Bank of England Interest Rate Decision (November). Forecast: 3.75% | Previous figure: 4.00%
United States
1:30 p.m. GMT: Initial Jobless Claims. Forecast: 194K | Previous figure: 197K
The week wraps up with the month's premier event — the US Non-Farm Payrolls report — alongside Canadian PMI data.
United States
1:30 p.m. GMT 🔥 : Nonfarm Payrolls (NFP) (October). Forecast: 29K | Previous figure: 63K
1:30 p.m. GMT 🔥 : Unemployment Rate (October). Forecast: 4.2% | Previous figure: 4.2%
1:30 p.m. GMT: Average Hourly Earnings (MoM) (October). Forecast: 0.1% | Previous figure: 0.3%
Canada
3:00 p.m. GMT: Ivey PMI (October). Forecast: 58.2 | Previous figure: 57.7
RBA and BoE rates (Tuesday and Thursday): Markets expect monetary policy easing and 25 bps rate cuts from both the Australian and UK central banks — down to 4.60% and 3.75%, respectively. AUD/USD and GBP/USD traders should keep a close eye on the central banks' comments: dovish rhetoric could add pressure to both currencies.
NFP, key report of the month (Friday): A projected sharp slowdown in US job growth from 63K to 29K, with unemployment holding steady at 4.2%, could spark a surge in volatility across all major currency pairs and the US Dollar Index (DXY).
Eurozone inflation (Wednesday): The expected slowdown in CPI to 3.8% will reinforce investor expectations regarding the ECB’s future path, setting the direction for EUR/USD midweek.
Top Tip of the Week: The key market catalysts are scheduled for Tuesday, Thursday, and most notably, Friday. Entering trades as NFP data or interest rate decisions are released exposes you to unjustifiable risk. Stick to your risk management, keep stop-loss orders active, and enter positions only after the initial volatility dies down and the market establishes clear chart levels!
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