Week Ahead | Dollar Climb to resume soon?

06th November 2017 to 10th November 2017

Monday

• EUR Markit Service PMI , Markit PMI Composite & Producer Price Index
• USD Speeches by FED President Yellen & Fed Member William Dudley

A slow start to the week as we will not see any top tier data coming out. Early up we have few economic indicators from Euro zone. Markit services works an indicator for economic situation in the Euro zone services sector while this will be followed by PPI figures which is an index that measures the change in prices received by domestic producers of commodities in all stages of processing.

The day will end with a speeches by Janet Yellen and Fed Member William Dudley. This will be an opportunity to react to the nomination of Powell as Fed Chair, as well as the Fed’s classification of inflation as “soft” rather than transitory.

Tuesday

• AUD RBA Interest Rate Decision and RBA Rate Statement
• GBP NIESR GDP Estimate

Important day for Australian Dollar with the Rate decision and rate statement. The Reserve Bank of Australia recently made some dovish voices and opened the door to rate cut, but not in the near future. Since then, the inflation report came out below expectations and weighed heavily on the Aussie dollar. Will they send a more dovish message? Or are they pleased with the downfall of the Aussie Dollar? The day will end with UK releasing the GDP Estimate which would influence the UK monetary policy.

Wednesday

• EUR Non-monetary Policy ECB Meeting

Another slow day with Only the ECB Non-monetary policy meeting happening but will not move the markets much as the meeting minutes will be released only next week.

Thursday

• GBP RICS Housing Price Balance                       
• EUR Trade Balance, Current Account, Imports & Exports
• USD Initial Jobless Claims & Continuing Jobless Claims

Thursday is the busiest day of the week with Data coming out from UK, Euro zone and USA. Early up UK will release Housing Price Index which presents housing costs in the UK. It shows the strength of the UK housing market. Next up we have Germany releasing their Imports and Exports reports along with Trade Balance. These data will be followed by Current Account Report which is a net flow of current transactions, including goods, services, and interest payments into and out of Germany.

The focus then shifts to US with the jobs reports. First up will be Continuing Jobless Claims which measure the number of individuals who are unemployed and are currently receiving unemployment benefits. The day will end with Initial Jobless Claims which is a measure of the number of people filing first-time claims for state unemployment insurance.

Friday

1. GBP Manufacturing & Industrial Production

The slow flow week comes to an end with UK releasing their Manufacturing and Industrial Production reports.