\u201cOverall, we see the case for the USD to wobble in the coming week with focus being placed on fundamentals. A possible prolongment of the US shutdown, further escalation of the US-Sino trade war and an intensification of the market\u2019s dovish expectations for the Fed\u2019s intentions are all factors that could weigh on the greenback.\u201d<\/em><\/p>\n\n\n\n On a fundamental level, pound traders remain worried for the outlook of the UK economy. On a more positive note, the International Monetary Fund seems to be expecting the UK economy to be the second- fastest-growing of the world’s most advanced economies this year, according to new projections. However there are still a number of challenges ahead for the UK economy, including the effect of the US tariffs, the stubborn inflation and BoE\u2019s intentions about its monetary policy. The market focus is on UK Chancellor of the Exchequer Reeves, yet that is still a long way, on the 26th of November. Should market worries for the UK economic outlook intensify we may see them weighing on the pound. For the time being we note on a macro level, that the release of the UK employment data for August were disappointing as the UK employment market loosened further, while the GDP growth rate for August was anemic. In the coming week we note the release of the CPI indicators, yet the main point of interest is expected to be on UK\u2019s CPI rates for September. Should we see the CPI rates accelerate in the past month showing a relative resilience of inflationary pressures in the UK economy, an issue that IMF also warned about, we may see the GBP getting some support as the pressure on BoE not ease its monetary policy but possibly to consider tightening may intensify. Currently market expectations are for BoE to maintain rates unchanged until the end of the year and start cutting rates from Feb26 onwards. For the time being BoE Governor Bailey seems worried for the UK employment market which tends to imply that the Governor is leaning more on the dovish side. Furthermore policymaker Alan Taylor stated that he fears a bumpy landing for the UK economy, enhancing market worries even further. Should we see market expectations for a possible easing of BoE\u2019s monetary policy intensifying in the coming week, we may see the pound slipping lower.<\/p>\n\n\n\n Analyst\u2019s opinion (GBP)<\/em><\/p>\n\n\n\n \u201cIn the coming week we note the market\u2019s worries for the UK economic outlook weighing on the pound should they intensify. On a macro level the release of UK CPI rates for September could get substantial attention by pound traders and a possible acceleration could support the sterling.\u201d<\/em><\/p>\n\n\n\n The main event for JPY in the coming week is the political process for the election of the new PM. The election is to take place in the Diet on the 21st of October, after an initial vote on the 15th was postponed given the split of the ruling coalition. LDP\u2019s candidate Ms. Takaichi seems to be facing a narrow path to the premiership. On the one hand, we see the opposition trying to find a unity bid, the LDP is intensifying negotiations for the formation of a ruling coalition, given that despite the LDP being the largest party it fails to reach a majority. A possible win for Ms. Takaichi could weigh on the JPY given her opposition to BoJ\u2019s plans to hike rates further. Also on a fundamental level, we note the statements of Japan\u2019s Finance Minister Katsunobu Kat\u014d that the Japanese Government remains vigilant for excessive FX volatility, a statement that could be interpreted as a threat for a possible market intervention should JPY weaken to much. On a monetary level we note that BoJ board member Naoki Tamura called for more rate hikes on a hawkish note. We have some statements planned next week by BoJ policymakers and should we see a hawkish tone prevailing we may see the Yen getting some support. On a macroeconomic level in the coming week we note the release of Japan\u2019s September trade data on Wednesday and the Chain Store Sales for the same month on Thursday, yet the highlight of the coming week is expected to be on Friday the release of the September CPI rates and a possible slowdown could weaken BoJ\u2019s narrative for the necessity of more rate hikes and consequently could also weaken the JPY.<\/p>\n\n\n\n Analyst\u2019s opinion (JPY)<\/em><\/p>\n\n\n\n \u201cIn the coming week, we highlight the election process for the new PM next Tuesday and a possible election of Ms. Takaichi could weigh on the JPY. On a monetary level, a possible hawkish tone by BoJ policymakers could provide support for the JPY as could a possible acceleration of Japan\u2019s September CPI rates. \u201d<\/em><\/p>\n\n\n\n We start the EUR paragraph with the easy part, ECB\u2019s monetary policy. On a monetary level we note the market\u2019s expectations for the bank to keep rates unchanged until the midst of the next year. Yet in slight dash of dovishness ECB President Lagarde stated that she can\u2019t declare an end to interest-rate cuts, despite the economy being “in a good place”. Similarly ECB Governing Council member Villeroy de Galhau stated that the banks next move is more likely to be in cutting rates rather than raising them. Hence any comments by ECB officials, enhancing the possibility of a rate cut could weigh on the EUR. On a fundamental level, we note the uncertainty caused by France\u2019s political scene. Yet France\u2019s PM Lecornu survived two no confidence votes in a sign of political stability and attention now turns on France\u2019s budget which is the main point of conflict given the Macron\u2019s pensions reform. Hence instability is still being maintained and a should we see further signals that the French Government may not survive we may see the EUR losing ground. Yet the main point of interest for EUR traders in the coming week, may be the release of the preliminary PMI figures for October next Friday. Also on a fundamental level, we note that the war in Ukraine is ongoing, yet news surfaced yesterday that, next Thursday Trump is to speak with Putin. Any indication of a ceasefire could provide some support for the EUR. With the inflation under control and the employment market being relative stable, macroeconomic attention is on economic activity and growth. We intend to focus on Germany\u2019s manufacturing sector, which is considered Euro Zone\u2019s locomotive and is considered under pressure, but also France\u2019s services PMI figure as well as Euro Zone\u2019s Composite PMI indicator for a rounder view. Should the indicators show an improvement in economic activity for the current month, we may see the common currency getting some support and vice versa.<\/p>\n\n\n\n Analyst\u2019s opinion (EUR)<\/em><\/p>\n\n\n\n \u201cIn the coming week we may see the release of the preliminary October PMI figures shaking the single currency with a possible improvement of economic activity providing some support. Also should we see more stability in the French political scene we may see the EUR being supported as could hopes for a possible ceasefire in Ukraine support the common currency.\u201d<\/em><\/p>\n\n\n\n The escalation of the tensions in the US-Sino trade relationships cannot escape the attention of Aussie traders, given the close Chinese Australian economic ties. It\u2019s characteristic that the Aussie is about to end the week in the reds against an allready weak USD. At this point we would like to note that China may have the high ground of the negotiations, given the improvement of its exports for September yet on the flip side, the deflationary pressures in the Chinese economy are pressing the Chinese Government. On Monday\u2019s Asian session, we highlight the release of Chinese data including the GDP rate for Q3 and PBoC\u2019s interest rate decision. Should the GDP growth rate slow down beyond market expectations, we may see AUD weakening. Should we see further escalation of the tensions in the US-Sino trade relationships could weigh on the Aussie, given also that the market sentiment may deteriorate, adversely affecting the Aussie as besides the Australia- China ties, AUD is considered as riskier asset given its commodity nature. On a macroeconomic level, we note the loosening of the Australian employment market for September as employment change figure failed to meet the market\u2019s expectations while the unemployment rate rose from 4.2% to 4.5% which was worrying. The release tends to add more pressure on RBA to ease its monetary policy. RBA Governor Bullock commented that the bank\u2019s rate policy is currently \u201cmarginally tight\u201d which we interpret as an innuendo that they could be reduced a bit further. In any case the market expects the bank to deliver another rate cut in the November meeting and should the market\u2019s dovish expectations for the bank\u2019s intentions be enhanced in the coming week, we may see the Aussie slipping.<\/p>\n\n\n\n Analyst\u2019s opinion (AUD)<\/em><\/p>\n\n\n\n \u201cThe key issue for Aussie traders in the coming week are to be the tensions in the US-Sino relationships. Should the tensions escalate further we may see them weighing on the Aussie and vice versa.\u201d<\/em><\/p>\n\n\n\n The Loonie is about to end the week in the reds against the USD. On a fundamental level, we note that the Loonie may have been adversely affected by the risk of sentiment of the market, given that the CAD is considered having a riskier background as a commodity currency. Furthermore we also note the fall of oil prices, as market worries for a possible oversupply of the oil market tend to intensify, weighing on oil prices. Should we see in the coming week, oil prices continuing to fall, we may see it weighing on the CAD as well given Canada\u2019s status as a major oil producing economy. On a monetary basis, we note the markets\u2019 expectations for BoC to cut rates in its next meeting which tends to imply that the market may be leaning on the dovish side, thus the expectations of the market for BoC\u2019s intentions may be weighing on the Loonie at the current stage. On a more positive note, BoC Governor Macklem seems to expect a soft landing for the Canadian economy. On a macroeconomic level in the coming week, we highlight the release of the September\u2019s CPI rates, next Tuesday. Should we see the rates slowing down we may see the Loonie losing ground as a possible easing of inflationary pressures in the Canadian economy could add more pressure on BoC to easy its monetary policy further and possibly at a faster pace.<\/p>\n\n\n\n Analyst\u2019s opinion (CAD)<\/em><\/p>\n\n\n\n \u201cIn the coming week we expect the release of September\u2019s CPI rates to be in the epicenter of Loonie traders\u2019 attention as a possible slowdown could intensify market expectations for the BoC to lower its rates, thus possibly weighing on the CAD.\u201d<\/em><\/p>\n\n\n\n As a general comment for the FX market we expect US fundamentals to dominate the market and should we see enhanced market uncertainty we may also see a more risk off market sentiment which could weigh on riskier assets while at the same time could provide additional support for safe haven trading instruments. Talking about safe haven instruments one cannot miss out on commenting on the rally of gold\u2019s price which has reached record high levels, in a very steep upward movement over the past few days. We haven\u2019t seen such a rise in US$ for years albeit percentage wise it\u2019s a different story. We maintain a bullish outlook for gold\u2019s price yet highlight the risk of a correction lower of the precious metal\u2019s price as it is at overbought levels. As for US equities we note that after last Friday\u2019s shock correction lower, US stock markets seem to be slowly regaining their footing and optimism. The new earnings season has begun with good news from the banking sector in the US. We note in the coming week the release of the earnings reports of BHP Group\u2019s data on Monday, on Tuesday we get the releases of Coca Cola, Netflix, Philip Morris, 3M, General Motors, next Wednesday we get the earnings reports of Tesla, IBM and AT&T, Intel and Unilever on Thursday. Should we see further optimism characterising equity market participants we may see US stock market indexes being on the rise.<\/p>\n\n\n\n \u0627\u06af\u0631 \u062f\u0631 \u0645\u0648\u0631\u062f \u0627\u06cc\u0646 \u0645\u0642\u0627\u0644\u0647 \u0633\u0648\u0627\u0644 \u06cc\u0627 \u0646\u0638\u0631 \u06cc \u06a9\u0644\u06cc \u062f\u0627\u0631\u06cc\u062f\u060c \u0644\u0637\u0641\u0627\u064b \u0627\u06cc\u0645\u06cc\u0644 \u062e\u0648\u062f \u0631\u0627 \u0645\u0633\u062a\u0642\u06cc\u0645\u0627\u064b \u0628\u0647 \u062a\u06cc\u0645 \u062a\u062d\u0642\u06cc\u0642\u0627\u062a\u06cc \u0645\u0627 \u0628\u0641\u0631\u0633\u062a\u06cc\u062fresearch_team@ironfx.com<\/a><\/i> <\/a><\/p>\n\n\n\n \u0633\u0644\u0628 \u0645\u0633\u0626\u0648\u0644\u06cc\u062a: As the week is coming to an end we have a look at what next week\u2019s calendar has in store<\/p>","protected":false},"author":15,"featured_media":107935,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_daim_seo_power":"","_daim_enable_ail":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-121953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"\n![\"\"](\"\/wp-content\/uploads\/2025\/10\/image-81.png\")
<\/figure>\n\n\n\nGBP \u2013 September\u2019s CPI rates in focus<\/h2>\n\n\n\n
![\"\"](\"\/wp-content\/uploads\/2025\/10\/image-82.png\")
<\/figure>\n\n\n\nJPY \u2013 Will Takaichi be elected as Japan\u2019s new PM?<\/h2>\n\n\n\n
![\"\"](\"\/wp-content\/uploads\/2025\/10\/image-83.png\")
<\/figure>\n\n\n\nEUR \u2013 September\u2019s Preliminary PMI figures could move the EUR<\/h2>\n\n\n\n
![\"\"](\"\/wp-content\/uploads\/2025\/10\/image-84.png\")
<\/figure>\n\n\n\nAUD \u2013 US-Sino trade war weighs on the Aussie<\/h2>\n\n\n\n
![\"\"](\"\/wp-content\/uploads\/2025\/10\/image-85.png\")
<\/figure>\n\n\n\nCAD \u2013 Canada\u2019s September CPI rates to be closely watched<\/h2>\n\n\n\n
![\"\"](\"\/wp-content\/uploads\/2025\/10\/image-86.png\")
<\/figure>\n\n\n\nGeneral Comment<\/h2>\n\n\n\n
\u0627\u06cc\u0646 \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 \u0645\u0634\u0627\u0648\u0631\u0647 \u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u06cc \u06cc\u0627 \u062a\u0648\u0635\u06cc\u0647 \u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u06cc \u062f\u0631 \u0646\u0638\u0631 \u06af\u0631\u0641\u062a\u0647 \u0646\u0645\u06cc \u0634\u0648\u062f \u060c \u0628\u0644\u06a9\u0647 \u062f\u0631 \u0639\u0648\u0636 \u06cc\u06a9 \u0627\u0631\u062a\u0628\u0627\u0637 \u0628\u0627\u0632\u0627\u0631\u06cc\u0627\u0628\u06cc \u0627\u0633\u062a. IronFX \u0647\u06cc\u0686 \u06af\u0648\u0646\u0647 \u0645\u0633\u0626\u0648\u0644\u06cc\u062a\u06cc \u062f\u0631 \u0642\u0628\u0627\u0644 \u062f\u0627\u062f\u0647 \u0647\u0627 \u06cc\u0627 \u0627\u0637\u0644\u0627\u0639\u0627\u062a\u06cc \u06a9\u0647 \u062a\u0648\u0633\u0637 \u0627\u0634\u062e\u0627\u0635 \u062b\u0627\u0644\u062b \u062f\u0631 \u0627\u06cc\u0646 \u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a \u0627\u0631\u062c\u0627\u0639 \u0648 \u06cc\u0627 \u067e\u06cc\u0648\u0646\u062f \u062f\u0627\u062f\u0647 \u0634\u062f\u0647 \u0627\u0646\u062f \u0646\u062f\u0627\u0631\u062f.<\/i><\/p>","protected":false},"excerpt":{"rendered":"