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Key Takeaways
- Fairly lightweight economic calendar ahead for traders and investors
- The US releases inflation data on Wednesday; UK’s GDP numbers arrive Thursday
Fairly Light Economic Week Ahead for Traders
The week starting Monday, November 8, is packed with fairly lightweight economic data and scheduled reports. To this end, the focus will be predominantly on the US and the UK. With this in mind, traders will have some time to digest the recent record-breaking runs of both stocks and cryptocurrencies.
On Tuesday, the German ZEW Economic Sentiment for November will be released at 06:00 am EST. Later, at 09:30 am EST, the US will report its PPI numbers for October.
On Wednesday, investors shift their attention primarily to the US. This said the Core CPI data slated for 09:30 am EST will reveal how consumer prices changed in October. On that front, looming inflation has been a key concern for the US Federal Reserve and market participants.
The report will most likely create heightened volatility in the US dollar and some commodities like gold and silver.
US Jobless Claims and UK GDP Data in Focus
Next, the US initial jobless claims will arrive at 09:30 am EST. They’ll highlight how many new Americans filed for first-time unemployment benefits over the previous week. Later, at 08:30 pm EST, Australia will report its employment change for October.
On Thursday, the UK will publish its preliminary GDP data for the third quarter of the year. Slated for 03:00 am EST, the GDP report will reveal the pace of economic growth for the quarter ended September. Expectations, however, point to an expansion of 4.8%.
At the same time, the UK reports its manufacturing production numbers for September. Later, at 06:00 am EST, the European Central Bank releases its macroeconomic projections and outlook for the European economy.
On Friday, the US delivers its JOLTs Job Openings for September at 11:00 am EST. Short for Job Openings and Labor Turnover, the JOLTs report measures the number of job vacancies or open positions.
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