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The Week Ahead – U.S Politics, COVID-19, and Brexit Likely to Overshadow Data

For the Dollar:

It’s a relatively quiet week ahead on the economic data front.

September’s JOLTs job openings are due out on Tuesday, in what’s a particularly quiet start to the week.

The focus will then shift to October inflation and weekly jobless claims figures due out on Thursday.

Expect the jobless claims figures to have the greatest impact, with the markets expecting inflationary pressures to be muted.

At the end of the week, wholesale inflation figures for October and prelim November consumer sentiment figures will also draw attention.

We would expect the consumer sentiment figures to have the greatest impact on the day.

Away from the economic calendar, COVID-19 and U.S politics will remain the key driver, however.

The Dollar Spot Index ended the week down by 1.92% to 92.229.

For the EUR:

It’s another busy week ahead on the economic data front.

At the start of the week, German trade data for September will be in focus. The markets will be looking for a pickup in demand from overseas. Concerns over the economic outlook would limit any upside for the EUR, however.

On Tuesday, November’s ZEW Economic Sentiment figures for Germany and the Eurozone will be in focus.

The focus will then shift to 2nd estimate GDP numbers for the Eurozone, due out on Friday.

We won’t expect too much influence, however, with the markets now looking for the ECB to deliver next month.

Finalized October inflation figures for member states and Eurozone trade and industrial production figures will also likely be brushed aside.

From the ECB, ECB President Lagarde is due to speak in the week and could deliver some clues on what’s next. The ECB’s Economic Bulletin on Thursday will also draw interest.

Away from the economic calendar, COVID-19 news updates and U.S politics will remain a key driver in the week.

The EUR/USD ended the week up by 1.95% to $1.1874.

For the Pound:

It’s a particularly busy week ahead on the economic calendar.

On Tuesday, claimant counts and employment figures are due out ahead of a particularly busy Thursday.

On Thursday, 3rd quarter GDP and September manufacturing and industrial production figures will draw plenty of interest.

September trade data, retail sales, and house price figures are also due out. The stats should have a muted impact on the Pound, however.

Away from the economic calendar, expect Brexit to remain the key driver along with COVID-19 news updates.

The GBP/USD ended the week up by 1.61% to $1.3156.

For the Loonie:

It’s a particularly quiet week ahead on the economic calendar.

Economic data include housing start figures that should have a muted impact on the Loonie.

The lack of stats will leave the Loonie in the hands of COVID-19 and market sentiment towards the economic outlook.

The Loonie ended the week up by 2.03 % to C$1.3050 against the U.S Dollar.


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