When it comes to navigating the complex world of foreign exchange and international payments, knowledge is your best ally. That's why we've compiled a guide to the key dates and financial events in October 2024 to be aware of when making cross-border payments.
Whether you're a seasoned trader or just dipping your toes into the financial waters, understanding these economic indicators can make a significant impact, and allow you to make informed financial decisions.
Read on to stay informed and discover how we can empower your international financial transactions, or visit our Economic Calendar for October.
The month kicks off with focus on the US jobs market which has been weakening of late causing markets to price in aggressive rate cuts in the Federal Reserve's (Fed) monetary easing cycle. Markets have recently been getting sceptical about how far markets have priced Fed rate cuts, so any signs of strength in the job market and we will expect to see USD gain.
US CPI will be the main focus this week although the Fed’s is paying more attention on job market and the economy rather than inflation in terms of assessing their monetary easing path. So, a fall decline in CPI will have less impact that an upside surprise in inflation.
The European Central Bank (ECB) are priced to cut interest rates again by 0.25% as they deal with falling inflation but also a slowing economy. This will also be a big week for UK data with job numbers and CPI numbers. Markets continue to price in few rate cuts administered by the Bank of England (BoE) compared to its peers given inflation still hasn't fallen enough. A November cut of 0.25% is still priced in by markets but a sharp drop in the services component will likely fuel the fire for markets to bet on a larger rate cut which would be negative for GBP.
Preliminary PMI numbers for October are due from Europe, US and the UK, as economic activity comes into focus particularly with global recession fears continuing to linger in the background.
Oddly we have US job numbers in focus again this week, leading into the nonfarm payroll print at the start of November. This will be the last job print we get before we have the Fed meeting on the 7th November and will likely determine the size of the Fed’s next rate cut.
Now that you're aware of the key economic events taking place in 2024, let's talk about how Equals Money can elevate your international payments experience. Our service is designed to make your life easier and transactions smoother.
In conclusion, staying informed about key economic calendar indicators, events, and dates is vital for making informed financial decisions. Whether you're monitoring GBP, EUR, or USD, these dates can significantly impact your currency exchange rates.
For the dates, events, and economic indicators that matter most to businesses, investors, and economic enthusiasts. Our Economic Calendar offers comprehensive insights into the meaningful indicators influencing market movements and FX rates across the UK, US, and EU.
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