This week, the focus mainly falls on the PMI releases while the Australian and New Zealand interest rate meetings are not expected to record any changes in interest rates. The FOMC meeting and the US Midterm Elections are the events of the week.
Monday – 05 November 2018
- Services PMI (GBP, 09:30) – The UK Services PMI is expected to come out at 53.3, compared to 53.9 last month, still supporting the view of a growing UK economy and in line with the Sterling developments this week.
- Non-Manufacturing PMI (USD, GMT 15:00) – The US Non-Manufacturing PMI is expected to come out strong, at 60.0, albeit a bit weaker than the 61.6 value observed last month.
- Household Spending (JPY, GMT 23:30) – Household spending in Japan is expected to have increased by 1.6% in September, supporting the stronger economic performance in the country, albeit standing lower than the 2.8% growth registered last month.
Tuesday – 06 November 2018
- Interest Rate Decision (AUD, GMT 03:30) – Australia’s Reserve Bank is not expected to change interest rates, amid mixed data releases which have still not shown concrete data that wages have grown.
- Services and Composite PMIs (EUR, GMT 09:00) – The stability in the Euro Area’s economic performance is expected to continue to be evident in the PMIs, which are forecast to remain at the same levels as last month.
- Unemployment Rate and Participation Rate (NZD, GMT 21:45) – New Zealand’s economy is not expected to provide any surprises, with Q3 data expected to come out similar to Q2.
- US Midterm Elections (USD, Full Day) – Event of the Week – The midterm elections are expected to show whether Republicans will continue to reign the US Senate and House of Representatives, which is expected to have a strong impact on the US administration’s future plans.
Wednesday – 07 November 2018
- Interest Rate Decision (NZD, 20:00) – The Reserve Bank of New Zealand is expected to maintain its interest rate stable, in order to push the economy for further growth.
- Consumer Credit Change (USD, GMT 20:00) – Ahead of the FOMC meeting on Thursday, consumer credit is expected to have increased by $17.2 bln in September, albeit less than the $20 bln increase in August.
Thursday – 08 November 2018
- Interest Rate Decision (USD, GMT 19:00) – Event of the Week – The Fed is not expected to change its interest rates, albeit it is expected to provide more guidance as to whether it will pursue its gradual interest rate increase in December.
Friday – 09 November 2018
- UK Q3 GDP (GBP, GMT 09:30) – UK GDP is expected to have increased by 1.5% in the third quarter of the year, higher than the 1.2$ increase in Q2. The improvement in the economy should also weigh on next month’s BoE meeting.
- US Michigan Sentiment Index (USD, GMT 15:00) – The preliminary Michigan consumer sentiment index is expected to record a slight decline to 98.0, compared to 98.6 last month.
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Dr Nektarios Michail
Market Analyst
HotForex
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