Data-packed week sure to cause volatility

November 6, 2017

It’s a week in which plenty of data is set for release, while a host of central bank figures are also due to speak.

The EUR/USD continued to trade in the $1.16 region, although it has weakened since this time last Friday. It threatened to drop into $1.15 territory, but managed to keep its head about water. It is currently at $1.1616, down from the $1.1657 it was trading at this time last Friday. The pound is struggling to recover from last week’s rate hike by the BoE. After plunging more than 1%, the GBP/USD pair is currently trading at $1.3074.

US stocks all finished ahead at session close in what wrapped up a roller coaster week. The NASDAQ was the best performer, adding 49.49 points (+0.74%) to close at 6,764.44. The S&P 500 gained 7.99 points (+0.31%) to end the session at 2,587.84 while the Dow closed flat, adding 22.93 points (+0.10%) to end at 23,539.19. European stocks made small gains heading into the weekend last week. The DAX added 37.93 points (+0.28%) to close at 13,478.86, while the FTSE gained 5.03 points (+0.07%) to end the session on 7,560.35.

Gold dropped back into the 1260s, as it struggled to maintain investors as equities continued to push higher. It is currently trading at $1,269.20.

Looking at the week ahead and there’s plenty to keep traders interested. The announcements today and the most significant for the week ahead include:

Today – Japanese Monetary Policy Meeting Minutes & BoJ Governor Kuroda speaks, Australian MI Inflation Gauge & ANZ Job Advertisements, New Zealand ANZ Commodity Prices & Inflation Expectations, European PPI & Sentix Investor Confidence, Swiss CPI, European, German & French Final Services PMIs, Italian & Spanish Services PMIs, Eurogroup Meetings, Canadian Ivey PMI, US Fed Reserve Member William Dudley speaks

Tuesday – Australian Cash Rate & RBA Rate Statement, ECB President Mario Draghi speaks

Wednesday – Fed Chair Janet Yellen & BoC Governor Stephen Poloz speak

Thursday – US Crude Oil Inventories, New Zealand Official Cash Rate, RBNZ Monetary Policy Statement, Rate Statement & Press Conference, China CPI, EU Economic Forecasts

Friday – US Unemployment Claims, RBA Monetary Policy Statement from Australia, SNB Chairman Jordan speaks, UK Manufacturing Production, US Bank Holiday