As the new week begins, global financial markets brace for a packed calendar of economic data, central bank updates, and key earnings reports. While the U.S. calendar appears lighter than usual, the focus shifts to major events in the UK, Canada, and the Eurozone. Here’s a breakdown of what to watch each day:
Monday, November 18, 2024
A quiet start to the week:
- Japan: Bank of Japan Governor Kazuo Ueda is scheduled to speak following last week’s currency volatility and fresh comments from Japanese authorities. This could influence JPY trading in the Asian session.
Tuesday, November 19, 2024
Activity ramps up with major updates:
- Australia: The Reserve Bank of Australia (RBA) releases its Monetary Policy Meeting Minutes, potentially offering insights into its future stance.
- United Kingdom: The Bank of England (BoE) conducts its Monetary Policy Report Hearings, providing critical updates for GBP traders.
- Canada: October CPI inflation data will be released, with markets anticipating a slight uptick to 1.9% year-on-year from 1.6%. Higher-than-expected figures could bolster the Canadian dollar (CAD).
- United States: Building permits data will be published, offering a glimpse into housing market activity.
- China: The People’s Bank of China (PBOC) announces its Loan Prime Rates, drawing attention to its monetary policy stance.
Wednesday, November 20, 2024
Key inflation data headlines the day:
- United Kingdom: October’s CPI inflation report is the main focus, with expectations of headline inflation rising to 2.2% year-on-year. An upside surprise could support GBP strength amid speculation of delayed interest rate cuts.
- Eurozone: The European Central Bank (ECB) releases its Financial Stability Report, followed by a speech from ECB President Christine Lagarde.
- United States: Weekly oil inventory data could impact crude prices.
Thursday, November 21, 2024
Central bank commentary and U.S. data take center stage:
- Japan: Bank of Japan Governor Kazuo Ueda speaks again, keeping JPY traders on alert.
- Australia: Reserve Bank of Australia Governor Michele Bullock delivers a speech, potentially influencing AUD movements.
- United States:
- Weekly unemployment claims data for the week ending November 16 are due, with forecasts of an increase to 225k.
- The Philly Fed Manufacturing Index and Existing Home Sales updates are scheduled.
- A series of Federal Reserve speakers, including Goolsbee, Barr, and Hammack, are slated to provide additional monetary policy insights.
Friday, November 22, 2024
A busy close to the week:
- Global PMI Data: Flash Manufacturing and Services PMI estimates will dominate the day, with releases from Australia, the UK, France, Germany, the Eurozone, and the U.S. These figures are critical indicators of economic activity and market sentiment.
- UK manufacturing PMI forecast: 49.9 (unchanged).
- UK services PMI forecast: 52.0 (unchanged).
- U.S. manufacturing PMI forecast: 48.8 (up from 48.5).
- U.S. services PMI forecast: 55.2 (up from 55.0).
- United Kingdom: Retail sales data for October will be released, with expectations of a -0.3% decline month-on-month.
- Canada: Retail sales updates will also be in focus.
- Central Bank Updates: Key speeches from Swiss National Bank’s Martin Schlegel, Germany’s Joachim Nagel, and FOMC member Michelle Bowman.
Market Highlights to Watch
- US Dollar: Jerome Powell’s recent hawkish commentary and sticky inflation could sustain USD strength, though technical resistance around 107.19 on the USD Index warrants attention.
- British Pound: CPI data midweek is pivotal; stronger-than-expected figures might lift GBP/USD from nearby technical support levels.
- Canadian Dollar: Inflation and retail sales data will shape CAD movements, particularly against the backdrop of recent USD/CAD highs.
This week offers a mix of macroeconomic data and central bank updates, making it a key period for traders to recalibrate their strategies.
Categories: Market News
