Global Market Outlook: Economic Events and Trading Dynamics: This week’s economic calendar features significant global events
that could impact various markets, including trade balances, consumer price indices, and key industry data.
From movements in major currency pairs like USD/JPY and EUR/USD to oil and Nasdaq trends developments,
we provide a comprehensive overview of what to expect and how markets might react.
Content
Economic Calendar
USDJPY
Economic Calendar
Monday
Trade Balance (September) at 16:00 – Eurozone
Tuesday
Consumer Price Index (Yearly) (October) at 13:00 – Eurozone
Consumer Price Index (Yearly) (October) at 16:30 – Canada
Wednesday
Consumer Price Index (Yearly) (October) at 10:00 – United Kingdom
Crude Oil Inventories at 18:30 – United States
Thursday
Initial Jobless Claims at 16:30 – United States
Existing Home Sales (October) at 18:00 – United States
Friday
German Gross Domestic Product (Quarterly) (Q3) at 10:00 – Germany
Manufacturing PMI (November) at 17:45 – United States
Services PMI (November) at 17:45 – United States
USD/JPY (US Dollar against Japanese Yen)
The USD/JPY pair is trading around 154.89 levels,
experiencing some downward movements towards the end of last week’s trading.
However, the yen’s weakness remains significantly prominent,
with expectations of intervention by the Japanese central bank to limit the yen’s losses.
From a technical perspective,
the pair is expected to continue its downward correction following the false breakout,
as it closed below the resistance level centered around 155.22.
It is anticipated to continue its bearish moves, targeting 151.28 levels.
AUD/USD (Australian Dollar against US Dollar):
The strength of the US dollar continues to dominate the AUD/USD pair’s movements,
with the pair trading around 0.6460 levels.
The current movement indicates continued bearish moves toward the primary demand levels on the daily timeframe,
centered around 0.6346. If a reversal price behavior appears around these levels,
we may see a corrective rise to the 0.6514 levels.
Oil
Oil trading witnessed substantial declines last week, reaching 66.90, close to the critical level of 66.50
which oil could not break despite multiple attempts?
This comes amid uncertainty regarding future oil demand.
Oil is expected to continue its sideways trading and then return to rise from the current levels, targeting 72.31.
However, if the 66.49 level is broken and closed below,
bearish trading may continue towards 62 levels.
EUR/USD (Euro against US Dollar):
Despite some weakness in the US dollar at the end of last week,
the euro could not gain any ground against the dollar.
The pair remains in a strong downtrend and is expected to continue targeting the next support level,
around 1.0446. From there, a corrective upward movement may take place towards 1.0599.
Nasdaq
The Nasdaq has retreated below the 20,686 level after a substantial decline during last Friday’s trading,
especially following the rise in inflation in the United States.
It is expected to continue its downward correction to stabilize around 19,943 levels before resuming its upward movement.
Global Market Outlook: Economic Events and Trading Dynamics