Major Events This Week

By TraderVox.com

Tradervox.com (Dublin) – The greenback and the yen have retreated for another week as risk appetite was boosted by the increased optimism of a resolution to the fiscal cliff in US. The US housing data remained the main highlight of the past week while the US pending Home Sales jumped by 5.2 percent, the disappointing new home sales were a blemish in the strong performance in the housing sector. Here are some major events that will affect the market this week.

Monday 3

The US ISM Manufacturing PMI data will be released at 1500hrs GMT. The index climbed in October to 51.7 after increasing to 51.5 in September. The market is expecting a drop to 51.5 percent.

Tuesday 4

The Australian and the Canadian rate decisions are the main highlights of the day. The Australian rate decision will be made at 0330hrs GMT while the Canadian one will be made at 1400hrs. The market expects the rate cut of 0.25 percent from the Reserve Bank of Australia. The Bank of Canada is expected to leave the interest rate unchanged.

Wednesday 5

The market will be waiting for the Australian GDP data which is expected to expand by 0.8 percent. The Australian economy expanded by 0.6 percent in the second quarter. In the US, the ADP Non-Farm Employment and the ISM Non-Manufacturing PMI will be released at 1315hrs and 1500hrs respectively. The market expects a strong rise in ADP Non-Farm Employment change, with 141,000 jobs expected to have been added in November. The ISM PMI is expected to decline to 53.8 this time.

The New Zealand rate decision at 2000hrs will be the last major announcement of the day. The market predicts a no-change in the interest rate.

Thursday 6

The Australian employment data will be released at 0030hrs where an addition of 200 jobs is expected to have been made last month. The UK rate decision will be the next big event on Thursday as the market waits to see if BOE will resume asset-purchases program, when the BOE Governor gives his autumn statement at 1200hrs. Eurozone rate decision will follow at 1245hrs where the interest rate is expected to remain unchanged. The last major event of the day is the US Unemployment Claims report which is expected at 1330hrs. Last report showed a declined by 23,000 in claims to 393k; this time, the market expect another decline to 381k.

Friday 7

The Canadian employment data will be the first major report followed by the US Non-farm Employment change which will be released together with the US Unemployment rate. US UoM Consumer Sentiment will be the last major report for the week which will be released at 1455hrs GMT.

 

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