What Are Forex Traders Watching This Week?
BlackBull Markets | Nov 14, 2021 04:23PM ET
This week's forex market might be just as choppy as the last week, with some critically essential reports due from Japan, China, Europe, and the UK, in particular. Here's what forex traders should be watching out for this week.h2 Monday/h2
Straight into a GDP report from Japan. The consensus was that Japan's GDP for Q3 would have fallen by 0.2% after rising by 0.5% in the previous quarter. But, the rate declined by 0.8%.
Asia continues to hold the spotlight on Monday. China's October Retail Sales is the following report to hit the shelves. The market is expecting an almost complete percent drop from the previous month's 4.4% rise. The information should help determine how seriously investors and the country's Government should take the slowdown in the Chinese economy.
h2 Tuesday/h2On Tuesday, we move over to Europe for its labor and GDP reports. The UK's unemployment rate is expected to remain stable at 4.5%, even after Rishi Sunak, the UK's Finance Minister, noted last week that "there are challenges ahead of the British economy.".
The Eurozone's GDP reports are expected later on Tuesday. Q3 results are expected to be 2.2%, the same as Q2, with YoY GDP, of course, remaining at 3.7%. Contesting these expectations is the report released by the European Commission on Nov. 11, pointing out that Q3 supply constraints potentially inspiring people to complete Christmas shopping early, a surprise beat might be on the cards for this report.
Back over the Atlantic, the UK releases its CPI data for October. The YoY CPI for the UK currently stands at 3.1%, after edging down from 3.2% in September. Septembers' CPI dip might be temporary, and several factors indicate that CPI could rise with Octobers data. Chief among them is the flow-on effect expected from the consumer prices is in doubt moving forward. Last month, CPI hit 0.2%, after remaining below 0.0% since the latter half of 2020. However, Japanese businesses are largely absorbing the rise in their input costs, rather than passing them onto consumers.
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