Key Events and Trends for the First Week of October: This week, markets focus on key economic events, including UK GDP,
European inflation, and critical US employment data.
Speeches from policymakers and market reactions in gold, major currencies,
and indices like Nasdaq are expected to shape trading sentiment.
Here’s a quick overview of the upcoming highlights.

Content

Economic Events

Gold

EURUSD

GBPJPY

Nasdaq

GBPUSD

Economic Events

Tuesday, 1 October 202

Consumer Price Index (Yearly) (September)-12:00-EUR

JOLTS Job Openings (August)-17:00 -USD

Wednesday, 2 October 2024

ADP Non-Farm Employment Change (September)-15:15 – USD

Thursday, 3 October 2024

ISM Non-Manufacturing PMI (September)-17:00 – USD

Friday, 4 October 2024

Average Hourly Earnings (Monthly) (September)-15:30 -USD

Non-Farm Employment Report (September)-15:30 -USD

Unemployment Rate (September)-15:30 – USD

Gold

Gold experienced some downward correction at the end of last week’s trading after reaching a new historical peak around 2685.
Current market developments continue to support the upward trend in the coming period,
especially with the markets awaiting US employment data this week.
If the downward correction extends,
the best buying levels for gold are around the 2625 support level,
from which we might see a return to the peak.

EURUSD

Despite the recent weakness in the US dollar, the EURUSD pair is trading sideways due to the euro’s weakness.
The pair trades around 1.1159 after bouncing from the upper boundary of the sideways range around 1.1200.
This supports a continuation of downward movement towards 1.1029,
from where we could see a return to an upward trend.

The bullish scenario would occur if the pair breaks above 1.1200 and closes higher, targeting 1.1350.

GBPJPY

The GBPJPY pair is trading around 190 after substantial declines

at the end of last week’s trading as the yen regained strength.
This supports further downward movement towards 188.70,
which needs to be broken and closed below for the pair to continue its downward trend, targeting 186.
However, if we see weakness in the downward momentum around 188.70, the pair might experience a new upward wave.

Nasdaq

The Nasdaq index showed positive movement above 19,923 last week, closing around 20,008.
This supports the continuation of a positive outlook after absorbing the recent downward wave.
Market expectations lean towards a 50 basis point rate cut by the Federal Reserve in November,
which would significantly support US stocks if US labor market figures improve.
As a result, the Nasdaq is expected to continue rising in the coming days, targeting 20,686.

GBPUSD

The GBPUSD pair shows some weakness after the recent strong gains.
It traded around 1.3367 but could not break through the resistance formed around 1.3426.
This supports a downward correction to retest the role-reversal level around 1.3263,
from where the pair may resume upward towards 1.3426 and then 1.3543.

Key Events and Trends for the First Week of October

Key Events and Trends for the First Week of October

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