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Key events on Tuesday - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, reviews the key events for the day ahead, with the calendar not offering much incentives to see the market unravel its consolidation pattern ahead of Wed's FOMC.

Key Quotes

"Asia’s calendar is very quiet, with only passing interest in China’s Sep industrial profits data at 12:30pm Syd/9:30am local, which economists don’t bother to forecast but were -0.6% y/y in Aug."

"The European Commission releases revised economic forecasts for the Eurozone and member countries. The previous (May) forecast for 2014 GDP was 1.2%. We forecast 0.7%, assuming 0.1% growth in GDP in Q3 and Q4 this year. The EC may be reluctant to virtually halve its forecast but in early September the ECB cut its forecast from 1.0% to 0.9%, which nearly two months on is at the upper end of the believable range."

"The US data calendar holds only moderate interest again: Sep durable goods orders. Orders are expected to have risen 0.5% m/m ex-transportation, after a 0.7% gain in Aug."

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