Video length: 00:01:21

2 PM GMT Canadian Interest Rate Decision

At 2 PM GMT, we get the Canadian interest-rate decision, which of course will be very interesting as we don’t necessarily expect to see a change according to market expectations, but the statement that accompanies the announcement will be parsed. If there are any signs of the Canadian central bank looking to cut interest rates or at least the idea of quantitative easing, the Canadian dollar will fall. If there are any signs of hawkishness, it could gain but that seems to be all but impossible at this point.

6 PM GMT Beige Book

At 6 PM GMT, we get the Beige Book coming out of the Federal Reserve, which gives us a report on how all 12 Federal Reserve districts are performing economically. This report is used by the Federal Reserve for their interest-rate decisions, and tends to be a major market mover. If there is an optimistic outlook, it would be more than likely bullish for the US dollar, while a pessimistic outlook would be negative.

CPI rises during September

During the session on Tuesday, the United States released its CPI numbers, which gain 0.1% during the month of September. This continues the trend of climbing inflation, which should put the Federal Reserve on track to perhaps raise interest rates in December. This should be good for the US dollar going forward.