This week, we have 2 important economic announcements that we need to take note of for EURUSD and one for AUDCAD.
For EURUSD, we have the following two announcements.
- 26 Oct (Thu) – ECB Interest Rate Decision
- 27 Oct (Fri) – Core PCE Price Index(YoY)
For the ECB Interest Rate Decision, the consensus is the interest rate will remain unchanged and stay at 4.5%. For Core PCE, the consensus is 3.7%. The last Core PCE for August is 3.9%. With Core inflation rising in the last two weeks, the chance that this coming Core PCE is higher than consensus is high. In this case, there is a high possibility that the USD will turn strong.
Other than that, the ongoing Israeli-Palestinian war will put the USD in favor too. Any further escalation of the war will make USD stronger. Hence, it is important to monitor the progress.
For AUDCAD, the Bank of Canada will announce the interest rate decision on Thursday, 26 October.
Recommendation
With this outlook, to be on the safe side, for EURUSD, we strongly recommend all Ophiuchus and Limitless EA users to schedule to stop trading for this period starting from 25 Oct till 28 Oct. While for AUDCAD, we recommend all Ophiuchus users to schedule to stop trading for this period starting from 25 Oct till 27 Oct. You can use the stop trading period feature in the EA to do that. You can also decide to start the stop trading for a longer period to wait for the dust to settle. (e.g., stop trading from 25 Oct and only start trading after the Monday) if you would like.
We understand that you might feel that it is more frequent to receive market updates recently and more intervention is required to control the EA. We are working on a new feature to manage the stop trading period for EA automatically based on upcoming announcements. Based on our current estimate, the new feature will probably be released at either end of the year or early next year. Please stay tuned for this new feature.
Disclaimer – Please note that Limitless Trading is not liable for our recommendation and is not responsible for any loss or profit caused by this recommendation. You should assess your personal circumstances and perform your own research to make decisions for your trading.