Central banks are in focus this week while the data calendar is particularly light until Friday when PMI figures are due for the release. The RBA, Fed and ECB are due to publish the minutes of their latest policy meetings. Moreover ECB board member De Guindos, RBA Assistant Governor Kent and newly appointed ECB President Lagarde are due to speak.
Monday 18th November
Eurozone: European Central Bank board member De Guindos to speak
United States: FOMC member Mester to speak
Australia: Reserve Bank of Australia Assistant Governor Kent to speak
Tuesday 19th November
Australia: RBA policy meeting minutes. The RBA kept its policy rate unchanged at 0.75% at its previous meeting and officials have suggested that rates may remain on hold for now. Markets still need some convincing that the RBA will not need to cut rates further, particularly after October’s weak employment figures.
United States: Building permits and housing starts (October)
United States: FOMC member Williams to speak
Wednesday 20th November
United States: Federal Reserve policy meeting minutes. The Fed cut its policy rate 25bp (the third cut this year), in line with expectations, to 1.50-1.75% at its meeting on 30th October. But the Fed also suggested that the current rate may be appropriate for now – a view echoed by Fed Chairperson Powell last week at his testimony on the economic outlook and recent monetary policy actions before the Joint Economic Committee.
Thursday 21st November
Eurozone: European Central Bank policy meeting minutes. The ECB’s October meeting was rather uneventful apart from the fact that it was ECB President Draghi’s last meeting in charge. Markets are now focussed on how his successor, Christine Lagarde, will try to reflate the Eurozone’s economy.
United States: Philadelphia Fed manufacturing index (October). This index of economic activity in the US manufacturing sector has fallen in the past three consecutive months and analysts forecast only a modest rebound to 7.0 in November from 5.6 in October.
United States: FOMC members Mester and Kashkari to speak
Friday 22nd November
Eurozone: ECB President Lagarde to speak. This will be one of the first speeches as ECB President since she officially took over on 31st October.
Eurozone: Composite PMI (November). This indicator of economic activity in the Eurozone has been range-bound just above 50 for the past three months, with a figure below 50 indicating contracting activity, and analysts forecast little change in November.
United Kingdom: Manufacturing and services PMI (November)
