This week sees a significant amount of important economic data announcements. The main focus for Sterling will come on Thursday 5th November when the Bank of England meets to announce its latest interest rate decision. Whilst it is widely expected that the Bank of England will keep interest rates on hold, there has been a large amount of speculation regarding possible further expansion of the Bank’s Quantitative Easing programme. The current market consensus suggests that the Bank of England is likely to expand Q.E. from its current levels by at least a further Â£25 billion.
The Federal Reserve meets on WednesdayÂ whilst the European Central Bank (ECB) also meets on Thursday to announce its latest interest rate decision.Â US employment data in the form of Nonfarm Payrolls is the major highlight on Friday’s economic calendar.
I have highlighted some of the major events below. Please note a full economic calendar is available in the Market Data section of the Currency Matters website.
Wed 4th November
* 00:01 UK Nationwide Consumer Confidence. * 09:00 EMU Purchasing Manager Index Services. * 09:30 UK Purchasing Manager Index Services. *19:15 US Fed Interest Rate Decision.
Thurs 5th November
* 09:30 UK Industrial & Manufacturing Production. * 10:00 EMU Retail Sales. * 12:00 UK Bank of England Interest Rate Decision. * 12:45 EMU European Central Bank Interest Rate Decision. * 13:30 EMU ECB Press Conference.
Friday 6th November
* 00:01 UK NIESR GDP Estimate. * 00:30 AUS Reserve Bank of Australia Monetary Policy Statement. * 09:30 UK Producer Price Index. * 13:30 US Nonfarm Payrolls.