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Get a preview of the month’s important market-moving events with our November trading preview.

Economic events to watch in November

RBA rate statement – Tuesday November 2nd

The Reserve Bank of Australia kicks things off in November with its latest rate statement. Rates were previously held at their historic yields last time around, but rising bond yields could force Governor Phillip Lowe’s hand this month.

FOMC statement – Wednesday November 3rd

The Federal Reserve speaks on Wednesday November 3rd. Markets are expecting Chair Jerome Powell and the FOMC to finally announce tapering. It’s been on the cards for a while, but with labour markets down and inflation up, it might be time to act.

Bank of England rate statement – Thursday November 4th

The central bank statements come thick and fast at the start of November. Next up is the Bank of England. This month will likely be a showdown between the hawks and the doves on the Monetary Policy Council. Governor Bailey is particularly hawkish and may convince others that a rate hike is the way to go as inflation bites into the UK economy.

OPEC-JMMC meetings – Thursday November 4th

November begins with a very busy week for the markets. A fresh month means another set of OPEC-JMMC meetings. No surprises are expected this time around. The cartel will likely stick to its 400,00bpd increase, despite calls from some major crude consumers to further open the taps.

US nonfarm payrolls – Friday November 5th

The United States’ labour market is under the spotlight at the start of the month too. October’s data will be crucial after two consecutive nonfarm payroll misses. August and September’s numbers fell massively short of expectations so markets will be watching this week’s print with eagle eyes.

US Core CPI data – Wednesday November 10th

The Fed’s favourite inflation metric is released on Wednesday 10th. It appears American consumers are continually being squeezed. Inflation is running hot still, even though the Fed believes high prices are all transitionary. This month’s core CPI release should clear the picture up a bit.

UK preliminary GDP – Thursday November 11th

After better-than-expected GDP forecasts at this year’s Autumn Budget, the UK reports its preliminary Q3 GDP numbers on the 11th of November. Currently, the British Chamber of Commerce doesn’t seem to match the Treasury’s optimism. The BCC puts Q3 growth at 2.8% – a downward revision of its previous 3.5% figure.

US retail sales – Tuesday November 16th

October retail data for the United States comes this month. Retail sales have been beating expectations for the past two months. Observers had previously thought high inflation would hamper growth, but sales data has been defiantly creeping upward.

EU PMIs – Tuesday November 23rd

Supply chain issues have been weighing hard on global productivity across the year. The EU is yet to escape those pressures. With this month’s PMI data we’ll be able to gauge how services and manufacturing is performing across the bloc. For context, The eurozone composite purchasing managers index fell to 56.2 in September from 59.0 in August.

RBNZ rate statement – Wednesday November 24th

The Reserve Bank of New Zealand became one of the first global central banks to hike rates in October. Presumably, it’ll be staying the course this month, but you never know with how pandemic economics can shift from week to week.

Major economic data

Date Time (GMT) Asset Event
Mon 01-Nov 2:00pm USD ISM Manufacturing PMI
       
Tue 02-Nov 3:30am AUD RBA Rate Statement
  3:30am AUD Cash Rate
  8:00pm NZD RBNZ Financial Stability Report
  9:45pm NZD Employment Change q/q
  9:45pm NZD Unemployment Rate
       
Wed 03-Nov 8:00am EUR Spanish Unemployment Change
  12:15pm USD ADP Non-Farm Employment Change
  2:00pm USD ISM Services PMI
  2:30pm OIL Crude Oil Inventories
  6:00pm USD FOMC Statement
  6:00pm USD Federal Funds Rate
  6:30pm USD FOMC Press Conference
       
Thu 04-Nov All Day All OPEC-JMMC Meetings
  12:00pm GBP Asset Purchase Facility
  12:00pm GBP BOE Monetary Policy Report
  12:00pm GBP MPC Asset Purchase Facility Votes
  12:00pm GBP MPC Official Bank Rate Votes
  12:00pm GBP Monetary Policy Summary
  12:00pm GBP Official Bank Rate
  12:30pm USD Unemployment Claims
       
Fri 05-Nov 12:30am AUD RBA Monetary Policy Statement
  12:30pm CAD Employment Change
  12:30pm CAD Unemployment Rate
  12:30pm USD Average Hourly Earnings m/m
  12:30pm USD Non-Farm Employment Change
  12:30pm USD Unemployment Rate
  2:00pm CAD Ivey PMI
       
Tue 09-Nov 10:00am EUR ZEW Economic Sentiment
  10:00am EUR German ZEW Economic Sentiment
  1:30pm USD PPI m/m
  1:30pm USD Core PPI m/m
  6:01pm USD 10-y Bond Auction
       
Wed 10-Nov 1:30pm USD CPI m/m
  1:30pm USD Core CPI m/m
  1:30pm USD Unemployment Claims
  3:30pm OIL Crude Oil Inventories
  6:01pm USD 30-y Bond Auction
  9:45pm NZD FPI m/m
       
Thu 11-Nov 12:30am AUD Employment Change
  12:30am AUD Unemployment Rate
  7:00am GBP Prelim GDP q/q
  10:00am EUR EU Economic Forecasts
       
Fri 12-Nov 2:00am CNY Retail Sales y/y
  3:00pm USD JOLTS Job Openings
  3:00pm USD Prelim UoM Consumer Sentiment
       
Mon 15-Nov 1:30pm USD Empire State Manufacturing Index
       
Tue 16-Nov 12:30am AUD Monetary Policy Meeting Minutes
  1:30pm USD Core Retail Sales m/m
  1:30pm USD Retail Sales m/m
  2:15pm USD Industrial Production m/m
       
Wed 17-Nov 7:00am GBP CPI y/y
  1:30pm CAD CPI m/m
  1:30pm CAD Common CPI y/y
  1:30pm CAD Median CPI y/y
  1:30pm CAD Trimmed CPI y/y
  3:30pm OIL Crude Oil Inventories
       
Thu 18-Nov 2:00am NZD Inflation Expectations q/q
  7:00am GBP Retail Sales m/m
  1:30pm USD Philly Fed Manufacturing Index
  1:30pm USD Unemployment Claims
       
Fri 19-Nov 1:30pm CAD Core Retail Sales m/m
  1:30pm CAD Retail Sales m/m
       
Tue 23-Nov 8:15am EUR French Flash Manufacturing PMI
  8:15am EUR French Flash Services PMI
  8:30am EUR German Flash Manufacturing PMI
  8:30am EUR German Flash Services PMI
  9:00am EUR Flash Manufacturing PMI
  9:00am EUR Flash Services PMI
  9:30am GBP Flash Manufacturing PMI
  9:30am GBP Flash Services PMI
  2:45pm USD Flash Manufacturing PMI
  2:45pm USD Flash Services PMI
       
Wed 24-Nov 1:00am NZD Official Cash Rate
  1:00am NZD RBNZ Monetary Policy Statement
  1:00am NZD RBNZ Rate Statement
  2:00am NZD RBNZ Press Conference
  9:00am EUR German ifo Business Climate
  Tentative GBP Autumn Forecast Statement
  1:30pm USD Prelim GDP q/q
  1:30pm USD Core Durable Goods Orders m/m
  1:30pm USD Durable Goods Orders m/m
  1:30pm USD Unemployment Claims
  3:00pm USD Core PCE Price Index m/m
  3:00pm USD Revised UoM Consumer Sentiment
  3:30pm OIL Crude Oil Inventories
  7:00pm USD FOMC Meeting Minutes
       
Thu Nov-25 Tentative EUR ECB Financial Stability Review
       
Mon 29-Nov 3:00pm USD Pending Home Sales m/m
       
Tue 30-Nov 1:00am CNY Manufacturing PMI
  8:00am CHF KOF Economic Barometer
  1:30pm CAD GDP m/m
  2:45pm USD Chicago PMI
  3:00pm USD CB Consumer Confidence

 

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