CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
October 31, 2022
November 2022 EVENTS
The RBA will meet to decide on interest rates. The current rate is 2.85% and at last month’s meeting the bank hiked rates by 25 basis points.
Possible Influence: Volatile Australian dollar
September's ISM Manufacturing PMI printed at 50.9. The consensus forecast for October is 50.1.
Possible influence: Volatile US Dollar, Gold and US Stocks
The US Fed will meet to decide on interest rates. The current rate is 3.00% after the bank hiked rates by 75 basis points on September 21st. Most analysts expect a 75 basis point increase this month.
Possible Influence: Volatile US dollar, Gold, US Stocks
The Monetary Policy Committee of the Bank of England will meet to decide on interest rates. The current rate is 2.25%. It was raised by 50 basis points at their last meeting on September 22nd.
Possible Influence: Volatile British Pound and British stocks
The Unemployment rate for September was 3.5%. It is expected to remain the same at 3.5% for October. Non-Farm Payrolls are expected to fall to 240,000 for October, lower than September’s figure of 263,000.
Possible Influence: Volatile US Dollar, Gold and US Stocks
United States Midterm Elections are taking place on Tuesday, November 8th. All 435 seats in the House of Representatives are up for election as well as 35 of the 100 seats in the United States Senate. Presently the Democrats control razor thin majorities in each of the chambers. At the time of this writing the Republicans are forecast to take control of the House of Representatives, and the outcome of control of the Senate remains a statistical dead heat. If the Republicans take control of either House of Congress, President Biden, a Democrat, will face an uphill battle trying to advance any of his agenda.
Possible Influence: Volatile Currencies, Commodities, and Stocks
Core CPI (excluding food and energy) was 6.6%, Year-over-Year in September. October’s Core CPI is expected to climb to 6.7%, Year-over-Year. Top-line CPI for September came in at 8.2%, Year-over-Year and is forecast to remain the same for October at 8.1%, Year-over-Year.
Possible Influence: Volatile US Dollar, Gold and US Stocks
Leaders of the top industrialized countries including the United States, Russia, Germany and UK will meet to discuss global health, energy and trade among other subjects which will likely include the war in Ukraine and other geopolitical issues.
Possible Influence: Crude Oil, Natural Gas, Wheat
Retail Sales were flat at 0.0%, Month-over-Month, in September. Retail Sales for October are expected to fall 0.3%, Month-over-Month. (Print -0.3%, Month-over-Month)
Possible Influence: Volatile US Dollar, Gold and US Stocks
Approximately six months ago an agreement was brokered among Russia, Ukraine, Turtle, and the United Nations to allow the safe passage of agricultural products from the port of Odessa, despite the war going on all around it. The agreement, if not extended, is scheduled to expire on November 19th. However, at the time of this writing, Russia has announced it is withdrawing from the pact due to unrelated attacks on its naval forces in the Black Sea.
Possible Influence: Volatile Wheat, Corn.
3rd Quarter Earnings season continues in November. Over 80 companies on Fortrade’s platform will be reporting earnings in November. These include Pfizer, Advanced Micro Devices (AMD), Sunrun, Fisker, Qualcomm, Moderna, PayPal, Virgin Galactic, Walt Disney Co., Plug Power, Nio, Home Depot, Walmart, Lowe’s, NVIDIA, Applied Materials, Alibaba, and Zoom.
The first print of the U.S. GDP for the 3rd Quarter came in at 2.6% on October 28th, 2022. The 2nd reading is expected to print at 2.6%, Quarter-over-Quarter.
Possible Influence: Volatile US Dollar, Gold and US Stocks
The War in Ukraine is now in its 8th month. Ukraine made some decent strides in its counter-offensives, recapturing parts of its Northeastern and Southeastern provinces. At the same time, Russia has mobilized 300,000 citizens to add to its forces in Ukraine. The West continues to support Ukraine with military, financial, and humanitarian aid. The West also continues to impose sanctions against Russia, and is presently attempting to move forward with “Price caps” on Russian oil.
Possible Influence: Volatile US Dollar, Natural Gas, Wheat, Volatile Russian Ruble, Gold, Oil, Palladium, and US Stocks
