Essential Market Movers for CFD Traders This Week
As traders navigate the markets, it’s crucial to stay informed about key economic events that can impact trading strategies. The following is a detailed analysis of significant economic events from June 24 to June 30, 2024, GMT+1, along with their potential effects on CFD trading.
June 25, 2024 (Tuesday)
- 15:00 USD – CB Consumer Confidence (Jun)
- Impact: This indicator measures the level of confidence consumers have in economic activity. A higher confidence level typically strengthens the USD and boosts US stock indices such as the S&P 500 and Dow Jones.
- Instruments Affected: USD currency pairs, US equity indices (S&P 500, Dow Jones).
June 26, 2024 (Wednesday)
- 15:00 USD – New Home Sales (May)
- Impact: New home sales indicate the health of the housing market. An increase in sales can lead to a stronger USD and a positive effect on related sectors.
- Instruments Affected: USD currency pairs, US equity indices, Real Estate sector stocks.
June 27, 2024 (Thursday)
- 13:30 USD – Durable Goods Orders (MoM) (May)
- Impact: This measures the cost of orders received by manufacturers for goods meant to last three years or more. A rise suggests economic growth and can strengthen the USD.
- Instruments Affected: USD currency pairs, US equity indices, Manufacturing sector stocks.
- 13:30 USD – GDP (QoQ) (Q1)
- Impact: GDP growth indicates economic health. A higher-than-expected growth rate can boost confidence in the US economy, strengthening the USD.
- Instruments Affected: USD currency pairs, US equity indices.
- 13:30 USD – Initial Jobless Claims
- Impact: This measures the number of people filing for unemployment benefits for the first time. Lower-than-expected claims are positive for the USD.
- Instruments Affected: USD currency pairs, US equity indices.
June 28, 2024 (Friday)
- Holiday – New Zealand – New Year’s Day
- Impact: Lower liquidity in NZD pairs and New Zealand equity markets. Traders should be cautious of potential volatility due to reduced trading volumes.
- Instruments Affected: NZD currency pairs, New Zealand equity indices.
- 07:00 GBP – GDP (YoY & QoQ)
- Impact: GDP data reflects the economic growth of the UK. Positive data can strengthen the GBP and boost UK stock indices.
- Instruments Affected: GBP currency pairs, FTSE 100 index.
- 13:30 USD – Core PCE Price Index (YoY & MoM) (May)
- Impact: This is the Federal Reserve’s preferred inflation measure. Higher-than-expected inflation can lead to USD strength as it may prompt rate hikes.
- Instruments Affected: USD currency pairs, US equity indices.
- 14:45 USD – Chicago PMI (Jun)
- Impact: The Purchasing Managers’ Index for Chicago is a leading indicator of economic health. Higher PMI can strengthen the USD and US stock indices.
- Instruments Affected: USD currency pairs, US equity indices.
June 30, 2024 (Sunday)
- 02:30 CNY – Manufacturing PMI (Jun)
- Impact: The PMI measures the activity level of purchasing managers in the manufacturing sector. A reading below 50 indicates contraction, which can affect global markets, especially commodities and Asian markets.
- Instruments Affected: CNY currency pairs, Commodities (e.g., metals, crude oil), Asian equity indices.
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Risk Reminder
Trading CFDs involves significant risks and may not be suitable for all investors. Ensure you understand the risks involved and do not invest money you cannot afford to lose. Market volatility, influenced by economic events, can lead to rapid price movements. Utilize risk management strategies and stay updated on market conditions.
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