The most important economic events expected this week 9 to 13 November 2020

Monday, November 09, 2020 - 18:39
Point Trader Group
The most important economic events expected this week 9 to 13 November 2020

It has been an exceptionally volatile week, with the US dollar posting heavy losses against the G10 currencies, thanks to the US elections. The Democrats ’" blue wave "forecast led to a sharp buying rally away from the dollar, and although this scenario failed to materialize, the US dollar continued to sell off throughout the week. Central banks remain committed to accommodative policy, as the Bank of England and the Reserve Bank of Australia eased monetary policy last week.

 

Eurozone manufacturing PMIs were within expectations, showing expansion across the board. The German PMI was particularly strong, at 58.2.

 

The Bank of England kept interest rates at 0.10%, but raised quantitative easing by 150 billion pounds to 895 billion, which is higher than expected at 845 billion.

 

The Reserve Bank of Australia cut interest rates from 0.25% to 0.10% and members of the bank also implemented quantitative easing for the first time ever, announcing plans to buy A $ 5 billion / week of government bonds.

 

The Canadian economy created only 83.6k jobs, down from 378.2k previously.

 

   British Employment Report: Tuesday 10:00. The UK added 28.1,000 unemployed people in October, which is well below the estimate of 78.8,000. Wage growth is expected to rise to 1.0%, compared to 0.0% in August. The unemployment rate rose to 4.5% in August and is expected to rise to 4.7% in September.

   UK GDP: Thursday, 10:00. In the second quarter, GDP fell by 19.8%, reflecting the economic slowdown due to Covid-19. Analysts are forecasting a solid recovery in the third quarter with a 15.6% estimate. The monthly GDP is expected to post a 1.1% gain in September.

   German Final Consumer Price Index: Thursday, 10:00. The German Consumer Price Index posted three consecutive declines, indicating weak economic activity in Germany. A weak 0.1% gain is expected in October.

   US Consumer Price Index: Thursday, 16:30. US consumer inflation is expected to remain subdued. Estimates for major and core issues stand at 0.2%.

 

German ZEW Economic Sentiment: Tuesday, 10:00. The mood in Germany is grim, as the index fell sharply in October, from 77.4 to 56.1. Volatility is expected to continue with 45.0 points expected.

German Final Consumer Price Index: Thursday, 13:00. The German Consumer Price Index posted three consecutive declines, indicating weak economic activity in Germany. A weak 0.1% gain is expected in October.

Industrial Production of Euro: Thursday 13:00. Industrial production has declined steadily in recent months, dropping to just 0.7% in August. The forecast for September is 0.9%.

Euro GDP: Friday, 13:00. After the dismal second quarter, when the eurozone contracted by 12.1%, a strong recovery is expected in the third quarter, with expectations of 12.7%. If the actual reading is within expectations, the Euro may take a boost.


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