Fed Meeting and Flash PMI Data to be in spotlight this week?

Fed Meeting and Flash PMI Data to be in spotlight this week?

Monday –

The weekly economic calendar will start with a slew of low impacted data releases as it anticipates Fed Meeting impacts on the market.

Tuesday – Fed Meeting minutes

The market will react strongly on Fed Meeting minutes on Tuesday. In the previous week, several FOMC members have also left the door open for additional hikes should price pressures continue, but after two consecutive on-hold decisions, markets had a hard time believing them. hence, the Fed Meeting is anticipated for more cues on the economy moving forward.

Wednesday – ECB Financial Stability

US weekly initial jobless claims and October data on durable goods orders are set to release. The numbers are anticipated to have reduced by 226K from 231K, and the durable goods order to have slid to -3.2% m/m from 4.6%. Thus, in contrast to the durable goods data may have downside risk for the dollar.

The European Central Bank is to publish its latest financial stability review on Wednesday, followed a day later by the minutes of its October policy meeting. ECB officials are also due to make appearances during the week.

Further, BOC Gov Macklem Speaks will have a volatile impact on the Canadian dollar.

Thursday – Flash PMI Numbers

Slew of Flash PMI numbers from Eurozone and UK will drag volatility on Thursday. The Eurozone is to publish purchasing manager indexes data for November, with the market is not expecting any meaningful rise in activity.

The numbers are anticipated to have increased by 43.3 from 43.1, and the service activities to have risen to 48.0 m/m from 47.7.  Manufacturing activity in Germany and France are expected to be 40.8 and 42.8 in October with little in the way of any growth in the last 15 months. This number is expected to change in November, while economic activity in the services sector which had been robust until recently has also started to stall and slow quite sharply.

UK manufacturing Flash PMI numbers are expected to increase slightly by 45.00 from 44.80. It has also been struggling since July 2022, in contraction territory for the last 15 months.

Friday – US PMI

US Manufacturing PMI numbers set to release on Friday. With forecasts of moderate lower by 49.9 compared to 50.0 that might have a positive impact for the market.

Commodity Samachar
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