A busy week is coming in terms of the economic calendar. The PMI surveys will provide the first glimpse of global economic activity during October. Th
e Bank of Canada and the European Central Bank will announce their monetary policy decisions. In the US, data to be released includes the first estimate of Q3 GDP and consumer inflation with the Core PCE. Here is what you need to know for next week: The US Dollar Index lost 0.30% during the week, marking its worst performance since early July. Although the decline does not change the Dollar's positive outlook, it suggests that the DXY could continue to consolidate around 106.50.
No rate change is expected, with the Deposit Rate likely to remain at 4.00%. Market participants will closely watch the language and ECB President Christine Lagarde's press conference. Additionally, on Tuesday, the preliminary PMI survey results for the region will be released, providing an initial glimpse into the October performance. There will be a summit of European Union leaders on Thursday and Friday.
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