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The Day Ahead: Top 3 Things to Watch

Published 2017-10-09, 04:25 p/m
Updated 2017-10-09, 05:06 p/m
© Reuters.  What to watch out for in tomorrow's session

© Reuters. What to watch out for in tomorrow's session

Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow

UK marco data on tap

A lack of top-tier data on Tuesday could encourage traders to take a closer look at sterling as UK manufacturing and trade data offers an insight into the strength of the UK economy.

Economists’ forecast a mixed batch of reports as manufacturing growth for August is expected to show a slowdown to 0.2% from 0.5% in the previous month while industrial growth is expected to remain steady at 0.2%.

The UK’s trade balance, which measures the difference in value between imported and exported goods and services, is widely expected to narrow to £11.20 billion in August from £11.58 billion in July.

GBP/USD rose 0.62% to $1.1754.

Bitcoin eyes records highs

Market participants are expected to follow the price action in Bitcoin closely on Tuesday as the digital currency surged above $4,700 for the first time in six-weeks on Monday and looks set to test its all-time highs of $4,969.

Bitcoin has recovered sharply since suffering one of the worst crashes in its nine-year history after China clamped down on bitcoin related activity, ordering domestic bitcoin exchanges to cease operations.

On the U.S.-based Bitfinex exchange, bitcoin rose to $4,761.1, up $146.6, or 3.18%.

Fed speakers in the spotlight

Investors look ahead to speeches by FOMC members Robert Kaplan and Neel Kashkari slated for Tuesday, which could offer clues about the central bank’s monetary outlook ahead of the release of the minutes to the Federal Reserve September meeting due Wednesday.

Kashkari said last week that the Fed has driven down inflation expectations by tightening policy sooner than it should, insisting that the central bank should hold off raising rates until core PCE inflation – the Fed’s preferred measure of inflation – nears 2%.

A White House official recently quelled rumours suggesting that Minneapolis Fed president Neel Kashkari was on the shortlist for Federal Reserve chair, saying President Donald Trump isn’t currently considering the Minneapolis Fed president for the position.

Trump’s decision on who to nominate for the job is expected within the next few weeks.

The dollar fell against its rivals on Monday.

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