28th Nov to 02nd Dec 2016
President of the European Central Bank Mario Draghi is scheduled to testify before the Economic Committee of the European Parliament in Brussels on economic/monetary developments after the Brexit vote. Recently, Draghi noted that the €1.7 trillion bond-purchase plan will be extended by the ECB in December and warned that the economic weakness in the Eurozone remains clouded because of downside risks. He also noted that the Eurozone is heavily dependent on the stimulus being provided by the ECB. The day will be filled with a variety of Mid-Tier reports from all over. It will start with Bank of Canada Governor Poloz’s speech. He will touch on role of services in Canadian economy in Toronto. This will be followed by reports coming in from Japan such as the Unemployment Rate which measure the no of people that are currently unemployed in Japan followed by Retail sales which is also from Japan which measure the overall sales volume that takes place in business that sells merchandise and service to the general populace. Focus will be on the Gross Domestic product from France which measures the value of the total goods and services produced from France. UK reports of Consumer credit will be next where it calculates the borrowings of individuals of the previous month. This report will be followed by Mortgage Approvals which is an indicator of the UK Housing Market. A positive figure for both these report could mean that the economy is strengthening as consumers can afford large expenses or that the economic growth is declining as consumers borrowing to live beyond their capabilities. Day will end with Gross Domestic Product Price and Consumer Confidence reports from USA which shows the overall confidence the consumer has in the economic activities. The day will be full of mid-tier reports from Euro zone & USA. Euro Zone will be releasing the Consumer Price Index Report which is the price movement by the comparison between daily goods and services while excluding the volatile component. This is used to measure the inflations and the changes in purchasing trends. Next we have the second speech for this week by ECB president Mario Draghi. The rest of the day will be filled with mid-tier reports from USA such ADP Employment Change & Personal Consumption Expenditures are measures of the change in the number of employed people in the US and their spending power. A rise in this indicator has positive implications for consumer spending, stimulating economic growth. Day will end with Chicago Purchasing Managers’ Index from the US. This Captures business conditions across Illinois, Indiana and Michigan. This index is an indicator of business trends and it is interrelated with the ISM manufacturing Index. The day commences with Real Retail sales report from Switzerland which surveys the goods sold in the past month which allows them to analyze the consumer demand. Later, the Unemployment Rate will be released for the Euro zone which indicates the rate of labor forced that is unemployed which allows them to pinpoint the state of the European Economy. This will be followed by markit Manufacturing PMI from Euro Zone which captures business conditions in the manufacturing sector. This is an important indicator of business conditions and the overall economic condition US will be releasing the ISM Price Paid which shows the condition of the manufacturing sector while taking into account future production projects as well. This will be followed by the ISM Manufacturing PMI which takes a look at the business conditions in the US manufacturing sector. Friday is the important day of the week as investors will be eying for Nonfarm payrolls reports from USA. The day will start off with Retails Sales from Australia which shows the number of goods and services sold from retailers. Then Switzerland will release Gross Domestic Product report which measure the total value of the goods and services sold in the Switzerland. By Midafternoon Euro Zone will release Producer Price Index which measures the change in price received by domestic producers of commodities in all stages. The latter half of the day will be full of Major Data coming from USA. It will start with Labor force participation report which indicates the percentage of the total number of people of labor-force age that is in the labor force. This will be followed by Unemployment Rate which represents the percentage of people actively seeking employment and willing to work. Finally the day will end with Non-farm payrolls which presents the number of new jobs created during the previous month, in all non-agricultural business. The monthly changes in payrolls can be extremely volatile, due to its high relation with economic policy decisions made by the Central Bank. The number is also subject to strong reviews in the upcoming months, and those reviews also tend to trigger volatility in the forex market.Monday
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