7 Important Forex News Market Focus This Week (5-9 October 2020)

 Here are some important economic data that will be the focus throughout this week.

US Services PMI Data ISM Survey (Monday 10.00 PM): The services sector in the United States is still expected to be at a good level with the increase in ISM survey data readings over the past few months. The latest readings are projected at a good level.

Australian Central Bank Policy Meeting (Tuesday 11.30am): Reserve Bank of Australia (RBA) has maintained interest rates at 0.25% since last March. If the RBA gives an indication of a lower rate, the Aussie dollar will depreciate in trading this week.

German Industrial Production Data (Wednesday 2.00 PM): After the reading published last September declined to 1.2%, the latest reading for August is expected to be around 1.5% as well. In addition to the low inflation factor as well, the central bank will act to revive the slowing economy.

FOMC Meeting Minutes (Thursday 2.00 AM): Focus will be on the minutes of the meeting issued by the Federal Reserve (Fed) for the September policy meeting. Investors will evaluate the views of policymakers based on the current state of the US economy which is still facing the threat of the latest pandemic wave.

US Unemployment Claims Data (Thursday 8.30pm): Although claims are declining after below 1 million, the decline in reading figures is seen to be slow with claims still above 800,000.

UK GDP Growth Data (Friday 2.00 PM): The growth month report for Gross Domestic Product (GDP) in the UK showed an increase of 6.6% for July signaling good growth for three consecutive months. A steady increase in growth is expected for August at around 4.6%.

Canadian Employment Data Report (Friday 8.30pm): The increase in employment growth in Canada has shown a declining pattern over the past 2 months. In August, employment had dropped to 245,800 from 418,500 in the previous month. There are expectations for such a decline pattern to occur for the latest report for September.