Opening of the week will be important with the Chinese rate decision due although while expectations of movement are low, they are not zero…..
The USD continued to be supported most particularly against the EUR which, after new lockdowns in Europe and Lagarde suggesting again that inflation is temporary and there are no plans to raise rates, plumbed new lows.
The rise in COVID cases particularly in Europe and in China is worrying a market that is expecting growth and hence growth stocks have dropped over the past week .
Data this week in the main is of low to medium influence however significant data out of the USA midweek is worth watching out for. Thanksgiving holidays close by may mean that long term positions get closed so there is expectation of volatility.
The rise in COVID shouldn’t affect this weeks GDP figure which is expected to show a small rise. FOMC minutes may also indicate timing of rate rises and as yields are dominating markets worthy of note.
Oil was hit hard on a Reuters story that there was to be co-ordinated release of strategic stockpiles from across the world thus far nothing but the oil price remains wary and on the backfoot as a result. Metals remained within recent ranges but all had a slight bias to the topside especially aluminium
Date | Country | Figures | Expected | Previous |
Nov 22 | China | Rate decision |
|
|
Nov 24 | USA | Durable Goods | 0.2% | -0.3% |
|
| Initial Jobless Claims |
| 272.75 |
|
| GDP | 2.2% | 2.1% |
|
| FOMC minutes |
|
|
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