During the trading on Tuesday, October 8, 2019, the financial markets will be interested in the release of economic calendar data, which usually results in changes in price movements - the economic calendar is a key tool for the fundamental analysis of news to predict the performance of the markets. Therefore, care must be taken until the actual results of those data are released to take the right trading decisions. The economic news today are:
Remarks by BoE Governor Mark Carney: Mark Carney is scheduled to speak in Tokyo about climate change at the Financial Disclosure Task Force Summit. The pound is often very volatile during his comments as traders try to understand the direction of interest rates in the future.
Remarks by US Federal Reserve Chairman Jerome Powell: Powell is scheduled to deliver a speech entitled "A Look from the Federal Reserve Board" at the annual meeting of the National Association of Business Economics in Denver. The US dollar is often very volatile during his speeches as traders try to understand the direction of interest rates in the future.
Regarding the latest economic data: German factory orders fell more-than-expected in August due to weak domestic demand, German statistics agency Destatis said on Monday. The results of the survey released by Sentix Research Institute showed that German investor confidence sharply deteriorated in October to its weakest level since July 2009 despite recent stimulus measures announced by the European Central Bank. German factory orders fell -0.6% on a monthly basis, larger than the expected decline of -0.4% but slower than the revised decline of -2.1% in July.
The monthly decline in August was due to a 2.6 percent drop in domestic orders, while foreign orders rose 0.9 percent. Orders from the Eurozone and non-euro region rose 1.5% and 0.4%, respectively.
German statistics agency Destatis is due to release industrial production data for August on October 8. Production is expected to fall marginally by -0.1 per cent.
On the other hand, Federal Reserve Chairman Jerome Powell said on Friday that the US economy faces some risks at the moment, but in general is in a "good position" and the main task of the Federal Reserve to "maintain its performance for as long as possible." “. At the same time, Powell noted that the unemployment rate is at its lowest level in half a century, and that inflation is approaching the Fed's 2% target. Powell said that while Fed officials believe they have the right strategy and tools to maintain the longest growth period for the US economy, it is important to examine whether any changes could improve the Fed's handling of the economy.
In his brief remarks, Powell did not hint whether the Fed will cut interest rates for the third time this year when it meets later this month. Many investors are hoping to cut rates by another quarter-point at the October meeting.