Week Ahead: Nonfarm Payrolls Report Could Keep The Dollar Rally Going
XM Group | Nov 26, 2021 04:25PM ET
Australian economy likely shrunk in Q3
The weight of the recent lockdowns will be on full display in Australia’s GDP estimate for the quarter ending in October on Wednesday. The data will be preceded by quarterly business inventories and net exports contribution on Monday and Tuesday, respectively. Strong demand for Australia’s resources exports is expected to have lessened the overall hit to the economy from the Covid shutdowns, which are anticipated to have substantially dented consumption and the construction sector.
Hence, the euro’s best bet for a near-term rebound is if there is a pullback in the dollar.
Aside from the flash inflation numbers, the economic sentiment indicator for November on Monday, the final PMI readings on Thursday and retail sales on Friday might also attract some attention for the euro.
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