Weekly Forex Forecast for 7-11 November

Here is an outlook of the main news items and reports that could affect the forex markets for the week of November 7th to November 11th that highlights the news items related to the U.S., Europe, China, Canada and Australia.   

(all times GMT):

  1. Monday November 7th 12:00 – German Industrial Production: this report will show the changes in the Germany industrial production and could indicate the progress of the German Economy and consequently could affect forex traders;
  2. Monday November 7th 2:30 – Australian Trade Balance: The upcoming report will regard September 2011. In the August 2011 report, the seasonally adjusted balance of goods and services sharply inclined from a surplus of $1,817 million in July 2011 to $3,100 million in August 2011 – a $1,283 million increase (see here last report);
  3. Tuesday November 8th 10:30 – Great Britain Manufacturing Production : this report will show the month to month change in the British manufacturing production in September; in the last report regarding August  the seasonally adjusted manufacturing index fell by 0.3% (M-2-M), while the overall production rose by 0.2%; this news may affect forex traders;
  4. Tuesday November 8th 13:15 – Canadian Housing Starts: The upcoming report is regarding October 2011. In the recent September 2011 report, the seasonally adjusted housing starts reached 205,900 units, which is higher than the 191,900 units started during August 2011. This report indicates not only the progress of the Canadian real estate market, but also of the Canadian economy; if the upcoming report will continue to show growth, it may further strengthen the Canadian dollar (see here last report).
  5. Tuesday November 8th 3:00 – Chinese CPI: in September, the Chinese inflation rate slightly slipped compared with August’s CPI and reached an annual rate of 6.1% (it was 6.2% in August); this rate is still above the China’s inflation target of 4% in annual terms. It could induce the People Bank of China’s attempts to curb the inflation pressures are starting to work;
  6. Wednesday November 9th 14:30 – Fed  Chairman Bernanke Speaks: Following last week’s FOMC meeting, the Chairman of the Federal Reserve will give a welcome in Federal Reserve Conference on Small Business and Entrepreneurship during an Economic Recovery, in Washington DC;
  7. Thursday November 10th 2:30 – Australia’s Unemployment Rate: in the recent report regarding September 2011 the rate of unemployment slightly declined to 5.2%; the number of employed rose by 20,400 people; the number of unemployed slightly fell by 3,800 during September compared with August’s figures. If this trend ill continue to could further affect the Australian dollar (see here the recent report);
  8. Thursday November 10th 12:00 –Great Britain Central Bank Rate: The Bank of England will announce its official bank rate. The current rate is still at 0.5%; this decision may influence forex trading;
  9. Thursday November 10th 13:30 U.S. Initial Jobless Claims: initial claims declined by 9,000 to 397,000 claims for the week ending on October 29th; the number of insured unemployment reached 3.683  million, a decrease of 15,000 during the week of October 22nd;
  10. Thursday November 10th 13:30 – Canadian Trade Balance: In the August report regarding August 2011, imports rose and exports increased during the month: exports increased by 0.5%, and imports rose by 0.7%;
  11. Thursday November 10th 13:30 –American Trade Balance: This monthly report for September  will present the changes in imports and exports of goods and services; The American trade balance report for August the goods deficit slightly increased to $61.4 billion; the service surplus inclined to $15.8 billion; as a result, the goods and services deficit remained virtually unchanged at $45.6 billion;
  12. Thursday November 10th 16:45 – Fed Chairman Bernanke Talks: The Chairman of the Federal Reserve will give a speech in El Paso;
  13. Thursday November 10th 19:00 –U.S. Fed Budget Balance: this upcoming publication will show the changes in the U.S federal balance for October 2011; this report indicates the government debt growth and thus may affect the U.S dollar. In the October report the deficit inclined by $64.5 billion to a deficit of $1,298 billion for 2011 (See here a summary of the recent report).

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