CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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AUGUST 2024 EVENTS - 29/07/2024

Micro Analysis

29 July, 2024

For General Information only. Not Intended to Provide Trading or Investment Advice. Your Capital is at Risk.

  • Bank of England Meeting (August 1st at 12:00 GMT+1)

The Monetary Policy Committee of the Bank of England will meet to decide on interest rates. The current rate is 5.25% but the BoE is expected to cut by 0.25% to 5.00% at this meeting.

Possible Influence: Volatile British Pound and British stocks

  • OPEC Joint Ministers Meeting (JMMC) (August 1st)

OPEC joint ministers will meet to discuss current oil output of the cartel including whether the oil market is balanced or compliance information of cuts from its members. While no change to the current deal is expected at this meeting, OPEC might give hints on future policy.

Possible Influence: Volatile Crude Oil; Brent Oil

  • US ISM Manufacturing PMI for July (August 1st at 15:00 GMT+1)

ISM Manufacturing PMI previous print was 48.5. The number was lower than the expected 49.2.

Possible influence: Volatile US Dollar, Gold and US Stocks

  • Company Q2 Earnings Season (August 1st – 31st)

The 2nd Quarter earnings season continues in August, with Apple, Amazon, Nvidia, Alibaba, Chevron, ExxonMobil, Moderna, and many more to report their Q2 earnings figures by the end of August.

Possible Influence: Volatile US Stocks

  • U.S. Unemployment Rate and Non-Farm Payrolls (NFP) (July) (August 2nd at 13:30 GMT+1)

The previous month had unemployment at 4.1%. Nonfarm Payrolls for the previous month printed 206,000.

Possible Influence: Volatile US Dollar, Gold and US Stocks

  • Reserve Bank of Australia Interest Rate decision (August 6th at 05:30 GMT+1)

The RBA will meet to decide on interest rates. The current rate is 4.35%.

Possible Influence: Volatile Australian Dollar

  • US Inflation data (July) (August 14th at 13:30 GMT+1)

Core CPI (excluding food and energy) was 3.3%, Year-over-Year in June. Top-line CPI for June came in at 3.0%, lower than the expected 3.1%.

Possible Influence: Volatile US Dollar, Gold and US Stocks

  • Retail Sales in the US for (July) (August 15th at 13:30 GMT+1)

Month-over-Month Retail Sales was at 0.3% in June, which was higher than expected by the market.

Possible Influence: Volatile US Dollar, Gold and US Stocks

  • US Democratic National Convention (August 19th - 22nd)

Kamala Harris remains the leading candidate to be nominated as presidential candidate from the Democratic Party at their convention in August. Kamala Harris will be replacing Joseph Biden, who stepped down from the presidential race. Kamala Harris would face Donald Trump, Republican, at the presidential election on November 5, 2024.

Possible Influence: Volatile US Dollar, Gold and US Stocks

  • Jackson Hole Symposium (August 22nd - 24th)

The Federal Reserve Bank of Kansas City will again host its annual meeting of central bankers, leaders, academics, and economists from around the world. The participants will discuss economic issues and policy options. The event includes speeches, papers, commentary, and discussions.

Possible Influence: Volatile US Dollar, Gold and US Stocks

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Risk Warning and Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk. See full risk warning

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. You do not own, or have any interest in, the underlying assets. Fortrade Canada Limited is an Order Execution Only broker, and does not provide investment advice or recommendation. Fortrade is a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF). Fortrade Canada Limited is authorised to provide CFD trading services in all provinces in Canada except Quebec. Residents of Alberta province are required to be Accredited Investors to trade CFDs.

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