MegaFX Market Overview

MegaFX Market Overview

Week 1, November, 2022.

1st November – 4th November

Cash Rate (AUD)
The Board decided to increase the cash rate target by 25 basis points to 2.85%. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 2.85%. 

ISM Manufacturing PMI (USD)
The October Manufacturing PMI® registered 50.2%, 0.7% point lower than the 50.9% recorded in September. This figure indicates expansion in the overall economy for the 29th month in a row after contraction in April and May 2020. The Manufacturing PMI® figure is the lowest since May 2020, when it registered 43.5%.

Monetary Policy Report (GBP)
At the Bank of England’s Monetary Policy Committee (MPC) meeting ending on November 2, 2022, the MPC voted by a majority of 7-2 to increase the bank rate by 0.75% points, to 3%.

ISM Services PMI (USD)
Economic activity in the services sector grew in October for the 29th month in a row — with the Services PMI® registering 54.4% — say the nation’s purchasing and supply executives in the latest Services ISM® Report On Business®.

ADP Non-Farm Employment Change (USD)
Private sector employment increased by 239,000 jobs in October and annual pay was up 7.7% year-over-year, according to the October ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab

Average Hourly Earnings m/m (USD)
Total nonfarm payroll employment increased by 261,000 in October, and the unemployment rate rose to 3.7%, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in health care, professional and technical services, and manufacturing.


Week 2, November, 2022.

7th November – 11th November

Michigan Consumer Sentiment Index (USD)
Preliminary estimate from the University of Michigan consumer sentiment for November 2022 • Consumer sentiment 54.7 vs. 59.5 • Current conditions 57.8 vs. 64.0 estimate • expectations 52.7 vs. 56.0 estimate • inflation expectations 1 year 5.1% vs 5.0% last month • inflation expectations 5 year 3.0% vs 2.9% last month.

CPI m/m (USD)
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in October on a seasonally adjusted basis, the same increase as in September, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.7% before seasonal adjustment.

Retail Sales (EUR)
Volume of retail trade up by 0.4% in both the euro area and the EU.
Down by 0.6% in the euro area and by 0.3% in the EU compared with September 2021.

BoC’s Governor Macklem speech  (CAD)
Governor Tiff Macklem discusses the relationship between inflation and employment and how the Bank of Canada is working to cool an overheated economy.

GDP (GBP)
The economy is set to contract by 0.5% inter-quarter in the three months to September. On an annualized basis, the UK Gross Domestic Product (GDP) is likely to have risen by 2.1% in Q3, down by more than double from the 4.4% reported in the previous quarter. The September month GDP is expected to fall by 0.5% vs. -0.3% booked in August.

Week 3, November, 2022.

14th November – 18th November

Empire State Manufacturing Index (USD)
Business activity edged slightly higher in New York State, according to firms responding to the November 2022 Empire State Manufacturing Survey. The headline general business conditions index climbed fourteen points to 4.5.

Producer Price Indexes (USD)
Seasonally adjusted, the Producer Price Index for final demand rose 0.2% in October. September final demand prices climbed 0.2% from August. Table A Unadjusted, final demand rose 8% in the year to October.

Manufacturing Business Outlook Survey (USD)
Current activity diffusion index declined from -8.7 to -19.4 this month. Third straight negative reading and sixth in the previous six months. Nearly 36% of enterprises reported declines (up from 24%), surpassing the 17% reporting growth (up from 15%).

Labour Force (AUD)
Key statistics: In trend terms, in October 2022: • unemployment rate decreased to 3.4%. • participation rate remained at 66.6%. • employment increased to 13,623,700. • employment to population ratio remained at 64.3%..

CPI m/m (CAD)
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in October on a seasonally adjusted basis, the same increase as in September, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.7% before seasonal adjustment.

Week 4, November, 2022.

21th November – 25th November

PBoC Interest Rate Decision (USD)
Business activity edged slightly higher in New York State, according to firms responding to the November 2022 Empire State Manufacturing Survey. The headline general business conditions index climbed fourteen points to 4.5.

RBA Gov Lowe Speaks (AUD)
In 2022, the Reserve Bank continued to increase interest rates to try to curb inflation, and hinted at a possible recession on the horizon. It was therefore more critical than ever to hear from Australia’s central bank on the economic outlook and Australia’s place in the global economy.

Official Cash Rate (NZD)
The Committee agreed that the OCR needs to reach a higher level, and sooner than previously indicated, to ensure inflation returns to within its target range over the medium term. Core consumer price inflation is too high, employment is beyond its maximum sustainable level, and near-term inflation expectations have risen.

RBNZ Monetary Policy Statement (NZD)
Under the Reserve Bank of New Zealand Act 1989 (the Act), the MPC is responsible for formulating monetary policy to maintain a stable general level of prices over the medium term and to support maximum sustainable employment.

Flash Services PMI (USD)
The overall fall in activity was the second-fastest since May 2020 as inflation, rising borrowing costs and economic uncertainty weighed on demand. The headline Flash US PMI Composite Output Index registered 46.3 in November, down from 48.2 at the start of the fourth quarter. 

FOMC Meeting Minutes (USD)
The Chair began with a discussion of ethical standards and acknowledged the great privilege and heavy responsibility that come with being entrusted to make policy decisions.

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