Market The focus of financial markets during this week is on many important forex news, represented in the speech of the new Chairman of the Reserve Bank, “Jerome Powell”, who will carry with it signals about the future of US monetary policy, and many members of the Reserve Bank, including the current President of the Bank, will also speak. Janet Yellen, “We will remain in the United States, where a set of important data will be announced, which is the rate of consumer spending on which the Reserve Bank depends in its measurement of inflation rates.
In the euro area, the focus will be on monthly data on inflation rates, which investors will be interested in as a guide to the expectations of the European Central Bank starting its decision to cancel the stimulus program. .
As for the energy markets, attention will turn to the official OPEC meeting to see if the decision will be taken to extend the agreement to reduce production levels until the end of next year.
Below is a monitoring of the most important forex news for this week
1. Statements by several members of the Federal Reserve, led by Yellen and Powell.
Investors in the markets will focus on the comments of a number of Federal Reserve members, led by current Fed Chair Janet Yellen and incoming President Jerome Powell.
Reserve Bank Governor Jerome Powell, chosen by US President Donald Trump, will appear to succeed the current president before the Senate Banking Committee at 09:45 a.m. ET on Tuesday, and the next day at 10:00 a.m. ET Reserve Janet Yellen speaking before the Joint Economic Committee on Capitol Hill.
Also speaking this week will be New York Fed President William Dudley, who is expected to leave his post next year.
2. The United States is to publish data on personal income and consumer spending.
Next Thursday, the US economy is expected to release data on personal income and personal consumption spending during the month of October, and consumer spending is a good indicator for the Federal Reserve to measure inflation rates. YoY basis to reach 1.4%.
The US economy will also release this week a set of important data, which is the final reading of the economic growth rate for the third quarter of this year, in addition to new home sales, pending home sales and monthly car sales, and another report on the growth of the manufacturing sector.
On the political front, it is likely that the markets will be preoccupied with the new developments of the tax reform bill, especially since the US president will meet with the Republican Party in the Senate on Tuesday to discuss the party's efforts to pass the law.
3. Anticipation for the release of monthly data on European inflation rates.
From forex news, the eurozone is expected to release its inflation report for November next Thursday, which is the consumer price index. It is expected that the index will rise by 1.6% compared to October, which recorded a rise by 1.4%, The same index will also be released, excluding food and fuel prices, amid expectations that it will rise by 1.0% from 0.9%.
It is worth noting that the European Central Bank reduced the value of its stimulus program last month from 60 billion euros a month to 30 billion euros a month, but it extended the program until the end of next September and left the door open for further extensions of the program, citing the continuous decline in inflation rates.
4. The Chinese economy will release the Manufacturing PMI.
The Chinese economy is scheduled to announce data on the activity of the manufacturing sector on Thursday at 10:00 GMT, amid expectations that show a slight decline in the sector’s activity to record a reading of 51.5 points from a reading of 51.6 during the month of October, and the Caixin manufacturing index will be announced It is expected to record a reading of 50.9 points.
These indicators are an important measure of the health of the second largest economy in the world. When the reading exceeds the level of 50, this is an indication of the sector's growth, while readings below 50 points indicate a contraction of the sector.
It is worth noting that the Chinese economy recorded a growth of 6.8% during the third quarter, compared to the second quarter, which recorded a growth of 6.9%.
5. Awaiting the results of the OPEC meeting.
The energy ministers of the oil-producing countries of OPEC will meet with 11 non-OPEC oil-producing countries in Vienna next Thursday, and it is expected that a decision will be taken to extend the duration of the agreement to reduce production levels by 1.8 million barrels per day for an additional nine months, to end the agreement at the end of next year.
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