Review of the main events of the Forex economic calendar for the next trading week (23.11.2020 – 29.11.2020)
Trading on key Forex news: next week we are expecting the publication of important macro statistics from Germany, Eurozone, the UK, Australia, and the US.
American stock indices remained at their opening levels last week. However, the US dollar nevertheless fell by the results of the past week. The optimism of market participants is supported by hopes for an early appearance of an effective vaccine against coronavirus and the commitment of the world’s largest central banks to extra-soft monetary policies.
Despite the alarming rate of increase in the number of coronavirus cases in the world, investors still hope for a rapid V-shaped recovery of the global economy and continued growth in stock markets.
At the same time, the uncertainty reigning in the financial markets does not allow stock indices and commodity quotes to develop a more rapid ascent.
Traders should pay attention to the publication of the following macro indicators:
*during the coming week, new events may be added to the calendar and / or some scheduled events may be canceled
Monday, November 23
08:30 EUR Germany Markit Economics Manufacturing PMI (preliminary release). Markit Economics Composite PMI (preliminary release)
Germany’s Manufacturing PMI is an important indicator of the business environment and the overall health of the German economy. This sector of the economy forms a significant part of Germany’s GDP. A result above 50 is considered positive and strengthens the EUR, below 50 – as negative for the euro. Forecast for November (preliminary release): 56.5.
Previous values: 58.2 in October, 56.4 in September, 52.2 in August, 51.0 in July, 45.2 in June, 36.6 in May, 34.5 in April, 45.4 in March , 48 in February, 45.3 in January, which indicates a continuing recovery in business activity in this sector of the German economy, although the average value for several months is still below 50. Despite the relative decline, the value of the indicator above 50 is still likely to support the euro (in the short term). The data worse than expected and especially the value below 50 will have a negative impact on the euro.
Composite PMI for the German economy is an important indicator of the business environment and the overall health of the German economy. A result above 50 is considered positive and strengthens the EUR, below 50 – as negative for the euro. Forecast for November (preliminary release): 50.1 vs 55.0 in October, 54.7 in September, 54.4 in August, 55.3 in July, 47.0 in June, 32.3 in May, 17. 4 in April, 35 in March, 50.7 in February, 51.2 in January. The publication of this indicator with the specified expected value is likely to support the euro in the short term. The data worse than the forecast and below the value of 50.0, as a rule, have a negative impact on the euro.
09:00 EUR Markit Economics Composite Manufacturing PMI (preliminary release)
Eurozone’s Manufacturing PMI is an important indicator of the health of the entire European economy. A result above 50 is considered positive and strengthens the EUR, below 50 – as negative for the euro. Forecast for November (preliminary release): 46.1 (against 50.0 in October, 50.4 in September, 51.9 in August, 54.9 in July, 48.5 in June, 31.9 in May, 13 , 6 in April, 29.7 in March, 51.6 in February, 51.3 in January), which may have a short-term negative impact on the euro. If the data turns out to be worse than forecast, the euro may fall sharply in the short term.
09:30 GBP UK Markit Economics Services PMI…