The Week Ahead: 6th – 10th November 2023

Overview for the Week Ahead 

Global stock indexes rose sharply, the U.S. dollar dropped to a six-week low, and benchmark 10-year U.S. Treasury yields fell to five-week lows on Friday after data showed U.S. job growth slowed more than expected in October. 

The job growth slowdown underscored views that the Federal Reserve may be done hiking interest rates. 

Wednesday’s U.S. central bank decision to leave rates unchanged and comments by Fed Chair Jerome Powell indicated to some investors that the Fed may be done raising rates. The Bank of England on Thursday also left rates unchanged. 

Central bank officials however stressed that more may need to be done to tackle inflation. 

Traders are now pricing in only a 5% chance of a Fed rate hike in December, down from 20% on Thursday, while the odds of a January increase have slipped to 11% from 28%, according to the CME Group’s FedWatch Tool. 

Traders are looking forward to the Reserve Bank of Australia monetary policy meeting on Tuesday. Notably, a Reuters poll found that Australia’s central bank will likely increase its key policy rate by 25 basis points to 4.35% on Tuesday.  

Last quarter saw inflation exceeding expectations, which took policymakers by surprise. Consequently, financial markets have adjusted their expectations, factoring in one more rate hike from the Reserve Bank of Australia. 

Have your trading charts ready this week! 

This Week’s High Impact Events 

The times below are GMT +2. 

Monday 6th November 

  • 06.10 – Japan – BOJ Gov Ueda Speaks 

Potential instruments to Trade: JPY Crosses.  

Tuesday 7th November 

  • 05.30 – Australia – Cash Rate, RBA Rate Statement 

Potential instruments to Trade: AUD Crosses.  

Wednesday 8th November 

  • 04.00 – New Zealand – Inflation Expectations q/q 

Potential instruments to Trade: NZD Crosses.  

  • 11.30 – UK – BOE Gov Bailey Speaks 

Potential instruments to Trade: GBP Crosses.  

  • 16.15 – US – Fed Chair Powell Speaks 

Potential instruments to Trade: USD Crosses.  

Thursday 9th November 

  • 03.30 – China – CPI y/y 

Potential instruments to Trade: CNY Crosses.  

  • 15.30 – US – Unemployment Claims 

Potential instruments to Trade: USD Crosses.  

  • 21.00 – US – Fed Chair Powell Speaks 

Potential instruments to Trade: USD Crosses.  

Friday 10th November 

  • 09.00 – UK – GDP m/m 

Potential instruments to Trade: GBP Crosses.  

  • 17.00 – US – Prelim UoM Consumer Sentiment 

Potential instruments to Trade: USD Crosses.  

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