Weekly EUR/USD Outlook: 2017, November 05 - November 12
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, 11-05-2017 at 04:38 PM (612 Views)
EUR/USD was looking for a new direction in a busy week. What’s next? The common currency faces yet another busy week with PMIs, trade balance and more. Here is an outlook for the highlights of this week.
- Eurogroup Meetings: Monday. The finance ministers of the euro-zone convene in Brussels to discuss current matters. The crisis in Catalonia and its economic impact, rising growth and the changes in the ECB’s policy will all be on the table. Any statements regarding closer cooperation will be welcomed by the euro. The finance ministers of all the EU countries will convene on Tuesday, but the bigger decisions are taken between the euro area ministers.
- German Factory Orders: Monday, 7:00. We now get the figures for September where a drop of 1% is expected.
- Services PMIs: Monday: Spain at 8:15, Italy at 8:45, final French number at 8:50, final German figure at 8:55 and the final euro-zone number at 9:00.
- Sentix Investor Confidence: Monday, 9:30. Another rise is projected now, to 31.2 points.
- PPI: Monday, 10:00. A rise of 0.4% is forecast.
- German Industrial Production: Tuesday, 7:00. A drop of 0.7% is estimated now.
- Retail PMI: Tuesday, 9:10.
- Retail Sales: Tuesday, 10:00. An increase of 0.6% is on the cards.
- French Trade Balance: Wednesday, 7:45. A deficit of 4.7 billion is predicted.
- German Trade Balance: Thursday, 7:00. A surplus of 23.1 billion is forecast, larger than last time.
- ECB Economic Bulletin: Thursday, 9:00. Two weeks after the ECB decision, they publish the data that they had before them while making their decision. We may get a few more insights about the optimism that led to cutting back the bond-buying program to 30 billion per month and also the caution that led to leaving the door open to further bond-buys after September 2018.
- EU Economic Forecasts: Thursday, 10:00. The European Commission releases updated economic forecasts three times a year. Given the recent upbeat GDP figures, the EC may upgrade its forecasts. Forecasts for individual countries could focus on Spain, given the Catalan crisis.
- German CPI (final): Friday, 7:00.
- French Industrial Production: Friday, 7:45. A rise of 0.6% is projected.
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