Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY (5 November 2024)
RBA Policy Meeting (11.30am) – Markets are placing expectations for Australia's central bank to keep interest rates at 4.35%. However, the follow-up statement after rates are announced will be watched as Australia's inflation data published last week recorded a fairly significant decline.
US Services PMI ISM Survey (11.00 PM) – This survey data for the service sector in America can have an impact on the movement of the US dollar. The figure for October is predicted to decrease slightly, but still remain above the 50 point level.
US Presidential Election – Being an event awaited all over the world, the latest election in America will determine the Presidential candidate to lead for the next term. Voting will also be conducted for the election of the new Congress line.
THURSDAY (7 November 2024)
BOE Policy Meeting (8.00 PM) – After keeping interest rates at 5.00% at the September meeting, the central bank of England is expected to continue its policy easing measures with an expected cut of another 25 basis points at the November meeting. The pound will face the risk of depreciation this week.
FRIDAY (November 8, 2024)
FOMC Meeting (3.00 AM) - After starting a policy easing campaign last September, the Federal Reserve, which has cut interest rates by 50 basis points, is expected to continue with further cuts. However, the market expects a smaller interest rate cut of 25 basis points for the November meeting to 4.75%.
Canadian Jobs Data (9:30 PM) – Canada's economy is seen to be at risk with the latest employment figures forecast, with employment growth in October expected to be lower than the previous month, while the unemployment rate is projected to rise from 6.5% to 6.6%.
