Monday November 3rd: EUR Down, GBP Up and USD Up
European data on Monday is relatively inconsequential in terms of the provocation of wider market movement. The final German Manufacturing PMI for October will probably be of most interest to those invested in the common currency.
A solitary British economic data publication has the potential to spark movement for the Pound. The seasonally adjusted Manufacturing PMI hit 51.6 previously.
Monday’s US data will certainly have the potential to provoke volatility for the US Dollar. ISM Manufacturing is forecast to decline from 56.6 to 56.5. Monthly Construction will also be of interest and is forecast to rise from -0.8% to 0.6%.
Tuesday November 4th: EUR Down, GBP Down, USD Up
Once again Tuesday’s economic calendar is sparse regarding European data publications. The Eurozone Producer Price Index is unlikely to affect the single currency.
Similarly, British data is sparse and relatively inconsequential on Tuesday. Halifax House Prices data is unlikely to initiate changes for the Pound.
Conversely, US data on Tuesday is more likely to provoke US Dollar volatility. Trade Balance is forecast to rise from $-40.1 billion to $-40.0 billion. Factory Orders is also forecast to improve from -10.1% to -0.2%.
Wednesday November 5th: EUR Up, GBP Up, USD Down
There will be several European economic data publications on Wednesday. Eurozone Retail Sales is the most likely to initiate market movement. The European Commission Economic Forecasts will also be of interest to those invested in the single currency.
British data has the weighting to provoke changes for the Pound on Wednesday. The Services PMI and Composite PMI will be of interest to those trading with the Pound. Services will be of particular importance given that the services sector accounts for a huge portion of UK Gross Domestic Product.
Although there is a plethora of US data on Wednesday, the highly influential publications have been forecast to decline. In particular, the Non-Manufacturing Composite is forecast to drop from 58.6 to 57.8.
Thursday November 6th: EUR Down, GBP Down, USD Up
The European Central Bank will be making their interest rate decision on Thursday. The single currency is guaranteed to decline before the decision is made. It is also very likely to continue to decline given that many expect the ECB to employ yet more stimulus measures to shore up the flagging Eurozone economy.
The Bank of England will also be making their interest rate decision on Thursday. As with the Euro, the Pound is all but guaranteed to soften in the build up to the decision. With sentiment towards the BoE already rocky, it is unlikely that the Pound will advance in the wake of the decision.
Those invested in the US Dollar will be looking towards the labour market data in the hope of continued improvement. Initial Jobless Claims and Continuing Claims will be of most interest to those trading with the US Dollar.
Friday November 7th: EUR Up, GBP UP and USD Up
With a decent number of European data publications on Friday, there is a good chance the single currency will rebound from the losses accumulated as traders digest the ECB decision. German Industrial Production and German Trade Balance will be the most influential of the European data releases.
British Trade Balance data on Friday has the potential to spark Sterling movement.
There will be several highly influential US economic data publication on Friday. Unemployment Rate and Change in Non-farm Payrolls will have the potential to provoke wider market movement. There will be several labour market data publications of interest to those invested in the US Dollar.