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Week ahead jam packed of risk - Westpac

FXStreet (Guatemala) - Analysts at Westpac banking Corporation explained that the week ahead heavily packed with major event risk most notably the 28 Oct FOMC (no press conference).

Key Quotes:

"Advance Q3 GDP and the Q3 Employment Cost index. Durable goods orders, new and pending home sale, the PCE deflators and consumer confidence and the Chicago, Richmond and Markit’s prelim manufacturing PMIs pad out the week. Lockhart, Williams and George speak at the back end of the week."

"Q3 GDP expectations appear very elevated at 1.7%, especially given the more reliable Atlanta Fed Nowcast points to a much more meagre 0.9%. 3yr+ lows in Philly Fed new orders and near 5yr lows in the Empire new orders sub- index do not augur well for next week’s business surveys or durable goods orders either. Fed officials have been at pains to call every meeting “live” but next week’s meeting is more a “placeholder” than anything else. "

"There is of course next to no chance of lift-off. The opening paragraph might modestly downgrade economic conditions given softer employment and consumer spending since their last meeting but even so the Fed is likely to repeat that it will be appropriate to rate Fed Funds when it has seen further labour market improvement and is reasonably confident that inflation will move toward its 2% target."

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