Key Events for Forex Brokers in September 2024
Autumn is upon us and we’re gearing up for a busy September with loads of market-moving events on the horizon. Today, we’ll guide you through a few of the most notable ones. Let’s do this!
(Potential) market-moving events in September
There are quite a few potentials for this list, but we’ve limited ourselves to three, for the sake of brevity. They include the European Central Bank’s monetary policy meeting, the United States Federal Reserve meeting, and some key economic data releases from China.
1. European Central Bank (ECB) Monetary Policy Meeting
We won’t have to wait long for the ECB’s meeting on September 12. This highly anticipated event seems all the more important now, given the delicate balance the eurozone economy faces between slowing growth and constant inflation hikes.
The ECB has been busy raising interest rates to fight inflation, but further tightening could slow the economy down even more.
If the ECB does decide to raise rates, the euro might strengthen against other major currencies, as higher interest rates tend to attract more foreign investment. However, if the ECB pauses rate hikes (which they might do if they feel overly concerned about the economy), the euro could weaken, creating volatility and trading opportunities in euro-based currency pairs.
2. United States Federal Reserve Meeting
The US Federal Reserve’s September 18 meeting will be keenly monitored by traders and brokers alike, especially as the US economy has recently shown signs of slowing down a bit, with high inflation still a concern. Against that backdrop, the Fed faces a very tough choice. They either continue raising rates or pause them, to prevent an even deeper economic slowdown.
If the Fed does choose to raise rates, the US dollar could strengthen. If that happens, it could potentially impact USD currency pairs like EUR/USD, GBP/USD, and USD/JPY. But, if the Fed chooses to hold fire on a potential rate cut, the dollar could weaken, leading to increased market volatility and opportunities for forex traders.
Yeah — you’re going to want to keep an eye on this one!
3. China’s Economic Data Releases
A blockbuster bulk announcement of China’s economic data, including GDP growth, industrial production, and retail sales, will be coming on September 20. As we all know, China is a production powerhouse and these figures, while usually important, are crucial to traders and brokers at the moment.
Why? Well, China’s economy is riding a bit of a bumpy road in terms of slowing growth and rising debt. The government is doing it’s best by imposing stimulus measures, but so far, no good.
Weak GDP or industrial production data could lead to a weakening of the Chinese yuan (CNY) and increased demand for safe-haven currencies like the US dollar and Japanese yen, as traders look to maintain their wealth.
But, strong data could bolster the yuan, impacting currency pairs linked to the Chinese economy and creating opportunities for brokers to capitalise on market shifts.
Your Turn!
Brokers, what’s your key focus this month? What patterns are you observing with your traders? Let us know on X at @_contentworks.
Top fundamental events this month
On top of the major potential events, we’ve put together a quick list of a bunch of other fundamental things that might make the markets swing this month.
September 2–8
● CNY — Chinese Caixin Manufacturing PMI; Chinese Balance of Trade
● USD — ISM Manufacturing PMI; ADP National Employment Report; ISM Services PMI; Nonfarm Payrolls; Unemployment Rate
● AUD — GDP Growth Rate QoQ; Balance of Trade
● CAD — Balance of Trade; BoC Interest Rate Decision; Unemployment Rate
September 9–15
● AUD — Westpac Consumer Confidence Change
● GBP — Unemployment Rate; GDP MoM; Manufacturing Production MoM/YoY
● USD — Inflation Rate MoM/YoY; PPI MoM
● EUR — ECB Interest Rate Decision;
September 16–22
● CAD — Inflation Rate YoY
● USD — Retail Sales Ex Autos MoM; Retail Sales MoM; FOMC Economic Projections; Federal Funds Rate
● JPY — Balance of Trade
● GBP — Inflation Rate YoY
September 23–30
● AUD — RBA Interest Rate Decision; CPI
● EUR — German Ifo Business Climate; French Inflation Rate YoY Prel
● USD — CB Consumer Confidence; GDP Growth Rate QoQ Final; Durable Goods Orders; Personal Spending MoM; Personal Income
Here at Contentworks we closely follow market movements and prep content that we think your traders would love to read. Let’s get you started.
Speak soon!
The Contentworks team
