9 Important Economic Data News Market Focus This Week (October 23-27, 2023)

<p>&nbsp;Here are some of the important economic data that will be the focus of the market throughout this week.</p><p><br /></p><p>UK Employment Data (Tuesday 2.00pm): Markets will look to the latest unemployment rate in the UK to assess the current health of the labor sector. The number prediction is to remain at the level of 4.3%.</p><p><br /></p><p>European Manufacturing &amp; Services PMI data (Tuesday 4.00 PM): The end of the month will be decorated with the release of PMI data for an indication of the current economy. Focus is on German economic readings with no big change expected in the figures for October.</p><p><br /></p><p>UK Manufacturing &amp; Services PMI data (Tuesday 4.30pm): This key UK sector data remains below the 50.0 point level which indicates contraction. If the figures published for October are better, the Pound has the potential to increase in value.</p><p><br /></p><p>US Manufacturing &amp; Services PMI data (Tuesday 9.45pm): The forecast for this data reading for America in October is forecast to be slightly bleak compared to the previous better month. However, it is not expected that there will be major changes in the figures that will be published.</p><p><br /></p><p><br /></p><p>Australian Inflation Data (Wednesday 8.30am): Being an important indicator for the central bank, the Australian consumer price index for October is expected to increase from 5.2% to 5.4%. An increase in the inflation rate may prompt the central bank to tighten monetary policy.</p><p><br /></p><p>BOC Policy Meeting (Wednesday 10:00 PM): The Bank of Canada is expected to keep interest rates at 5.00% for the latest policy meeting this week. Follow-up statements by the governor will be watched by investors for further indications of monetary policy.</p><p><br /></p><p>ECB Policy Meeting (Thursday 8.15 PM): After the market received a gloomy signal from the President before, the outcome of the European Central Bank's policy meeting is awaited by investors. The majority forecast is for interest rates to be kept at 4.50%.</p><p><br /></p><p>US GDP data (Thursday 8.30 PM): The preliminary reading of American economic growth for the third quarter is critical to watch. Growth forecast jumped to 4.3% from 2.1% previously.</p><p><br /></p><p>US PCE Price Index Data (Friday 8.30pm): Closing trade this week, investors will be presented with a component of inflation data to assess consumer personal spending in America. Also following is the consumer confidence survey data which will drive the movement of the US dollar in the last session.</p>