Week Ahead: All Eyes on RBA Rate Statement and UK GDP

November 6, 2023

Significant economic events are expected to impact the forex market this week. Traders should closely monitor the Reserve Bank of Australia’s rate statement and the UK’s Gross Domestic Product (GDP) release. These indicators could substantially sway market conditions, underscoring the importance of staying abreast of recent developments to ensure a successful trading week.

Here are some notable highlights for the week:

Reserve Bank of Australia Rate Statement (7 November 2023) 

The Reserve Bank of Australia (RBA) considered raising its cash rate in October 2023 but chose to maintain it at 4.1% for the fourth consecutive month.

Analysts anticipate the central bank will increase its cash rate to 4.35% at its next meeting on 7 November.

New Zealand Inflation Expectations (8 November 2023)

Inflation expectations in New Zealand rose to 2.83% in Q3 2023, up from 2.79% in Q2 2023. 

The data for Q4 2023 is scheduled to be released on 8 November, with analysts forecasting a decline to 2.6%.

UK Gross Domestic Product (10 November 2023) 

The British economy expanded by 0.2% month-over-month in August 2023, following a contraction of 0.6% in July.

The figures for September are due to be released on 10 November, with analysts predicting a 0.1% growth in the country’s GDP.

University of Michigan Consumer Sentiment Index (10 November 2023) 

The University of Michigan’s consumer sentiment index for the US was revised upward to 63.8 in October 2023 from the preliminary estimate of 63. 

Analysts anticipate the next report will reflect a sentiment index of 65.