Thanksgiving week means that we have lots of US data crammed into the first three days, before Americans take Thursday off and enjoy a half day on Friday. Durable goods, and the Federal Open Market Committee (FOMC) minutes will be ones to watch. We also get Eurozone consumer confidence, on Wednesday. Flash purchasing managers index (PMI) from the Eurozone and the US will also provide some volatility.
While US earnings season is broadly over and done with, UK earnings and trading updates come thick and fast, including Compass, Kingfisher, and easyJet.
No scheduled tier 1 releases.
12.30am – RBA meeting minutes: AUD direction likely to be influenced by the hawkish or dovish tone of the minutes. Market to watch: AUD crosses
3pm – US existing home sales (October): forecast to fall 1.6% MoM from 0.7% MoM. Markets to watch: US indices, USD crosses
12.30pm – UK budget statement: Chancellor Philip Hammond will unveil the British government’s spending plans for the year. Sterling could see some volatility if economic forecasts prove to be different from market expectations. Market to watch: FTSE 100/250, GBP crosses
1.30pm – US initial jobless claims (w/e 18 November), durable goods (October): durable goods orders forecast to rise 0.8% MoM from 2.2% in September. Jobless claims forecast to fall to 236K from 249K. Markets to watch: US indices, USD crosses
3pm –eurozone consumer confidence (November, flash): forecast to rise to -0.5 from -1. Markets to watch: eurozone indices, EUR crosses
3pm – US Michigan consumer confidence (November, final): expected to fall to 97.8 from 100.7 Markets to watch: US indices, USD crosses
3.30pm – US EIA crude inventories (w/e 17 November): stockpiles rose by 1.8 million barrels in the previous week. Market to watch: Brent, WTI
7pm – FOMC minutes: no changes were made at the last meeting, but commentary on the economy and policy outlook will influence USD pairs. Markets to watch: US indices, USD crosses
US markets closed for Thanksgiving
8am – 9am – French, German mfg & services PMI (November, flash): a general weakening in mfg activity is forecast, while services are forecast to remain robust. Markets to watch: eurozone indices, EUR crosses
9.30am – UK GDP (Q3, 2nd estimate): QoQ figure expected to be 0.4% from 0.3%, YoY 1.5%, in line with previous figure. Market to watch: GBP crosses
US markets close early
9am – German IFO business climate index (November): expected to rise to 116.9 from 116.7. Markets to watch: eurozone indices, EUR crosses
2.45pm – US mfg & services PMI (November, flash): mfg forecast to rise to 54.7 from 54.6, while services increases to 55.6 from 55.3. Markets to watch: US indices, USD crosses
Source: Chris Beauchamp