The Week Ahead – Week Commencing 18 November 2024

It was another busy week for traders last week, as markets continued to digest the plethora of key updates from recent weeks. Once again, traders are expecting to see strong movements across financial products this week.

There is a diverse mix of macroeconomic data releases, central bank speakers, and earnings numbers on the agenda. US markets, however, may see less activity, with fewer updates scheduled. This could make for more peaceful final sessions of the day compared to the heightened volatility seen in recent weeks.

Here is our usual day-by-day breakdown of the major risk events this week:

The calendar is relatively quiet on Monday across all three trading sessions. However, JPY traders will be on their toes during the Asian session as Bank of Japan Governor Kazuo Ueda is set to speak following last week’s significant currency movements and fresh comments from Japanese authorities on Friday.

The calendar picks up on Tuesday with events scheduled across the sessions. In Asia, initial focus will be on Australia, where the Reserve Bank of Australia will release its Monetary Policy Meeting Minutes. Similarly, the London open will see the Bank of England holding its Monetary Policy Report Hearings shortly after the session begins. The New York open’s main focus will be north of the border, with key Canadian CPI data released at the same time as US Building Permits numbers.

Midway through the Asian session, traders will turn their attention to China as the PBOC is set to announce any updates to the Loan Prime Rates. In Europe, sterling traders will be closely watching the UK’s CPI numbers due shortly after the open. This will be followed by the ECB’s Financial Stability Report and an update from President Christine Lagarde. It is another quiet day for US data, although the Oil market will be interested in the weekly US inventory numbers. Additionally, market giant Nvidia will release its latest earnings results during the day, which could lead to significant movements in the indices.

Thursday sees a strong central bank focus again for Asian markets, with Bank of Japan Governor Kazuo Ueda scheduled to speak once more, followed later by Reserve Bank of Australia Governor Michele Bullock. In the US, the usual weekly unemployment claims numbers will be released, alongside the Philly Fed Manufacturing Index data and the Existing Home Sales update. Later in the day, a raft of FOMC members, including Goolsbee, Barr, and Hammack, will also deliver speeches.

Friday is dominated by Flash Manufacturing and Services PMI data, with updates expected from Australia, the UK, France, Germany, the Eurozone, and the US. Adding to the activity are Retail Sales figures from both the UK and Canada, as well as updates from central bankers, including Swiss National Bank chief Martin Schlegel, the German Bundesbank’s Joachim Nagel, and the FOMC’s Michelle Bowman. This sets the stage for what could be a very busy closing trading day of the week.

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