Investors face a crowded calendar this week, with three of the world’s main central banks due to announce decisions between Wednesday and Friday, alongside US growth data and results from several of the largest technology companies.
The Fed takes centre stage on Wednesday
The US Federal Reserve’s policy meeting runs Tuesday and Wednesday, October 27 and 28. The statement is due at 2:00 p.m. Eastern time on Wednesday, with a press conference half an hour later, according to TradingKey’s weekly preview. The same preview notes the meeting will not include new economic projections or a dot plot.
TradingKey says the CME FedWatch tool, as of October 22, showed about a 90.6% probability that rates are left unchanged. The Fed raised its target range by 25 basis points to 3.75%-4.00% in September, the outlet reports, its first increase since July 2023.
ECB and Bank of Japan follow
The European Central Bank announces its decision on Thursday, October 29, and the Bank of Japan on Friday, October 30. NordFX’s weekly forecast expects the ECB to hold, and the Rio Times calendar lists consensus for the BoJ at an unchanged 1.25%.
Data and earnings to watch
- Thursday, October 29: the advance estimate of US third-quarter GDP and September PCE inflation, both due at 8:30 a.m. Eastern, according to NordFX.
- Wednesday, October 28, after the close: Alphabet and Microsoft report, per TradingKey.
- Thursday, October 29, after the close: Amazon reports, and Intel also publishes results that day.
- Friday, October 30: German and eurozone third-quarter GDP figures, NordFX notes.
For readers in Morocco, global interest rates and growth matter because they shape the euro and dollar exchange rates, European demand for Moroccan exports and the cost of borrowing abroad. Our earlier report on the IMF’s October outlook for Morocco and the world economy sets out the wider backdrop.
Sources: TradingKey; NordFX; Rio Times.
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