Review of economic calendar for the next week (Nov 6 - Nov 10)
Market participants will keep their eyes on central bank’s bosses who are going to enter the spotlight this week with a series of crucial speeches regarding monetary policy. This article will present our preview of economic calendar targeting to the prospect of major currencies during the period from Nov 6 to Nov 10.
Monday – 11/06/2017
Bank of Japan Governor Haruhiko Kuroda will spark the effervescence of the week by his talk at 2:00 GMT. Of course, there are minimal expectations for a hawkish tune adopted in his speech since last week just saw him endorse a wait-and-see approach without any clear indication about the next steps for monetary policy. Traders can look to sell the cross – JPY currency pairs after the meeting’s outcome.
New Zealand’s Inflation Expectations will also be reported at 3:00 GMT on the same day. The figure is likely to drop from its previous release of 2.1%.
Tuesday - 11/07/2017
This Tuesday will witness a crowded field as the European Central Bank’s, the Bank of Canada’s and the Federal Reserve’s bosses are going to speak. The calendar and the expected developments are as follow:
ECB President Draghi will talk at 10:00 GMT. In all likelihood, the plan to tighten monetary policy will be pushed back to the next year because he recently mentioned that the ECB would taper the QE program starting in January 2018.
BOC Governor Stephen Poloz’s meeting will likely also deliver no fireworks because his rhetorics recently implied that he had plans to keep interest rates unchanged until the end of this year. He said: “there will be no more clues about further tightening monetary policy.”
Fed Chair Janet Yellen is widely expected to drop a hawkish tone against the backdrop of the currently energetic economy of the US with a strong GDP data.
Wednesday - 11/08/2017
Reserve Bank of New Zealand Press Conference is going to take place at 22:00 GMT. The new central bank’s president - Grant Spencer, who will conduct his first full monetary policy statement on Wednesday this week, is predicted to take no moves on the policy interest rate. Besides, New Zealand has been facing potential political risks, suggesting that the NewZealand currency may decline versus its counterparts on the meeting’s result.
Thursday - 11/09/2017
U.S. Unemployment Claims data will be divulged at 14:30 GMT on this Thursday. Economists forecast that the figure will slightly jump to 231K from its previous report of 229K. However, this won’t put a dent in the US Dollar because market’s attention is the Fed’s plan on interest rates.
Swiss National Bank (SNB) Chairman Thomas Jordan will also speak at 17:30 GMT on the same day. Since the Swiss Franc is considered “overvalued”, in addition to the strengthening of global stock markets, Thomas Jordan is anticipated to continue to keep his dovish plan and, we may see the currencies – Swiss advance after the meeting outcomes are confirmed.
Friday - 11/10/2017
U.K. Manufacturing Production m/m will be announced at 10:30 GMT by the end of the week, foreseen to descend to 0.3% versus its last release of 0.4%.