The week ahead is marked by a series of PMIs; the Reserve Bank of Australia meeting and minutes from the Bank of Japan and Bank of England will be closely watched. Let us have a detailed look at what market players should await this week.
Monday, November 2
Australia has released data on building approvals and China has posted its Caixin manufacturing index.
The U.K. and the eurozone have reported on manufacturing activity.
Switzerland is to release data on retail sales.
In the U.S., the Institute of Supply Management is to release data on manufacturing activity.
Tuesday, November 3
Markets in Japan will be closed for a national holiday.
The Reserve Bank of Australia will announce its interest rate decision. The bank trimmed its benchmark interest rate twice in 2015 in order to support the weak exports and rebalance the economy after the absence of the mining activity. The monetary easing succeeded as the Australian dollar depreciated considerably and drove exports higher. The Aussie depreciated about 14% since the first rate cut in January and the total value of exports rose nearly 5% since April to August, more than AU$1.2 billion.
ECB President Mario Draghi will speak in Frankfurt Germany, on Tuesday and Wednesday.
In the euro zone, Spain is to release data on the change in the number of people unemployed.
The U.K. PMI Construction for October will be released.
In the U.S., September’s factory orders and economic optimism for October will be eyed.
Wednesday, November 4
New Zealand is to issue its quarterly employment report.
In Australia, the AiG index regarding the performance of services for October will be out.
China is to publish its Caixin services index.
ECB President Mario Draghi is to speak at an event in Frankfurt.
In the U.S., Eurozone, Germany, U.K., France, Spain and Italy both the Markit services and composite PMIs will be out. Most of them are expected to have remained on the same level of growth.
The U.S. is to publish the ADP report on private sector jobs creation.
Both the U.S. and Canada are to publish trade data.
Fed Chair Janet Yellen is to testify on bank regulation before the House Financial Services Committee, in Washington.
Thursday, November 5
RBA Governor Glenn Stevens is to speak at an event in Melbourne. He is expected to comment further on RBA’s interest rate decision.
The Bank of Japan monetary policy meetings minutes will be published.
Germany is to release data on factory orders.
The Bank of England is to announce its interest rate decision and publish the minutes of its monetary policy meeting. The bank is also to issue its quarterly inflation report.
The U.S. is to release data on initial jobless claims as well as preliminary data on labor costs.
Friday, November 6
BoJ Governor Kuroda will hold a press conference.
The RBA is to publish its monetary policy statement.
German Industrial Production for September will be out.
In the U.K., traders will keep an eye on the industrial and manufacturing production in September, as well as the country’s trade balance.
Also in the U.K., the NIESR GDP Estimate for the three months to October will be posted.
Canada is to publish its monthly employment report and data on building permits. Canadian unemployment rate is expected to have remained stable at 7.1% while the employment shift is expected to show a decrease to 9.0k from 12.1k before.
The U.S. is to terminate the week with the closely watched report on nonfarm payrolls. The US economy is forecast to have added 180,000 new job positions in October while the unemployment rate is expected to have remained at 5.1%.
Later on Friday, the Reserve Bank of Australia will release its Monetary Policy Statement.