Key Forex market events to watch in May 2024

May 2024 is poised to be a pivotal month for Forex traders, marked by a series of high-impact events and announcements capable of influencing market dynamics significantly. From crucial employment data across key economies to decisive central bank meetings and vital economic indicators, traders should brace for potential volatility.

Changes in employment figures from New Zealand, the United States, and Canada will be at the forefront this month. This data sheds light on the health of the labour markets but also plays a critical role in shaping central bank policies. Stronger than expected jobs reports might signal economic resilience, potentially altering monetary policy outlooks and affecting currency valuations.

The Federal Reserve (Fed), the Reserve Bank of Australia (RBA), Bank of England (BOE), and Reserve Bank of New Zealand (RBNZ) are scheduled to meet this month. These meetings are crucial as any updates on monetary policy could provide turbulence in the markets. Traders will be on the lookout for any hints regarding future interest rate adjustments or shifts in economic outlooks shared during these meetings.

Currencies to watch

The major currencies to pay close attention to will be the AUD, GBP and NZD, particularly against the USD.

NZDUSD has seen a year-to-date decrease of -6.42%, reflecting broader market sentiments and specific economic factors affecting the New Zealand Dollar.

AUDUSD follows with a year-to-date decline of -5.42%, pointing towards challenges faced by the Australian Dollar in current market conditions.

GBPUSD is also down, showing a -2.78% year-to-date decline, indicating pressures on the British Pound.

Despite these performances, the USD has emerged as this year's standout major currency. At the time of this writing, the US economy has demonstrated robustness with a strong labour market and interest rates remaining relatively high against its major counterparts. A significant realignment of the underlying fundamentals would likely be required to disrupt the prevailing trends.

Understanding these dynamics is critical for Forex traders aiming to navigate the complexities of the markets in May. The following economic events and data releases have the potential to cause considerable price movements, thereby offering you both opportunities and risks. So stay informed and leverage our economic calendar to access real-time data and analysis as these key events unfold.

May 2024 will be an eventful month in the Forex market. Keeping a close eye on these key indicators and events could provide valuable insights and trading opportunities.

High market impact events in May 2024

All times are GMT +3

Wednesday 1st May

Thursday 2nd May

Friday 3rd May

Saturday 4th May

Tuesday 7th May

Thursday 9th May

Friday 10th May

Monday 13th May

Tuesday 14th May

Wednesday 15th May

Thursday 16th May

Tuesday 21st May

Wednesday 22nd May

Thursday 23rd May

Friday 24th May

Tuesday 28th May

Wednesday 29th May

Thursday 30th May

Friday 31st May

While research has been undertaken to compile the above content, it remains an informational and educational piece only. None of the content provided constitutes any form of investment advice.

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TIO Staff

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