Wednesday Preview: Fed’s Powell, US JOLTS Report in Focus

Wednesday Preview: Fed’s Powell, US JOLTS Report in Focus

All eyes on Wednesday are expected to be on the head of the US central bank amid expectations that he would push back on the recent easing in financial conditions. Fed Chair Powell speaks at 20.30 GBT+2.

At 15.15 GMT+2, the ADP will release its estimate for private sector payrolls in November (consensus: 195,000), followed a quarter of an hour later by the JOLTS labour market survey covering the month of October.

Investors would also be eyeing the release of the Federal Reserve’s Beige Book at 2100 GMT+2.

In other news, protests against China’s prolonged and restrictive Covid regulations spread across the country. The demonstrations against Chinese President Xi Jinping and his costly zero-Covid policy are an exceedingly rare case of widespread civil disobedience.

Apple’s share price fell is falling following reports that unrest at one of its factories could result in 6 million fewer iPhone Pros this year.  The next few days could be pivotal. If protests flare up again, the Chinese government will likely be forced to react in some way.

The Chinese government don’t want to end their covid policy, but they also want to ensure that the political unrest doesn’t grow. Companies that do business in China are watching closely for any clues about what the future may hold. They’re also considering moving production away from the country in the long term — Apple has already shifted some of its manufacturing to India.

Wednesday 30th November High Impact Events

The times below are GMT+2

  • 15.15 – US – ADP Non-Farm Employment Change

Potential instruments to Trade: USD Crosses.

  • 15.30 – US – Prelim GDP q/q

Potential instruments to Trade: USD Crosses.

  • 17.00 – US – JOLTS Job Openings & Pending Home Sales

Potential instruments to Trade: USD Crosses.

  • 20.30 – US – Fed Chair Powell Speaks

Potential instruments to Trade: USD Crosses.

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