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The U.S., UK, Euro zone and Canada All Set to Release CPI Data, ECB Conference Awaited

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Nov, 12th 18:05

U.S. shares were mixed after the close on Friday with the Dow Jones Industrial Average dropping 0.71 percent, the S&P 500 index declining 0.09 percent while the NASDAQ Composite index adding 0.01%. Meanwhile, the U.S. dollar snapped three straight weeks of gains after having plunged to one-week lows against a basket of the other major currencies on Friday.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, shed 0.13% to 94.30, contributing to a weekly loss of 0.61%. In the week ahead, the Commerce Department is scheduled to publish October inflation figures on Wednesday amidst expectations calling for a rise of 0.1%. Core inflation is forecast to inch up 0.2% month-on-month and climb 1.7% on a yearly base.

At the same time Wednesday, the Commerce Department is due to release data on October retail sales, which accounts for as much as 70% of U.S. economic growth. Market analysts expect the report to show retail sales increased 0.1% and core sales gained 0.2% last month.

Besides the inflation and retail sales reports, U.S. data due to come out next week also features reports on producer prices scheduled to be published on Tuesday, industrial production and weekly jobless claims, as well as surveys on manufacturing conditions in the Philadelphia and New York regions on Thursday. Data on building permits and housing starts will come out on Friday to wrap up the week.

 

Turning to the British Pound, Sterling pushed higher against its American counterpart on Friday, with the pair GBP/USD adding on 0.35% to end at 1.3191. The pound was boosted after the release of better-than-expected data on British manufacturing output and easing concerns over the progress of Brexit talks. The UK Office for National Statistics is scheduled to release data on consumer price inflation for October on Tuesday. Economists anticipate annual CPI to hit a five-year high of 3.1% from 3.0% a month earlier.

Investors will also be focusing on monthly unemployment data which will be released on Wednesday and the report on retail sales due to be published on Thursday for further indications on the continued effect that the Brexit decision is having on the economy.

 

The euro added 0.21% to trade at $1.1667 late Friday and ended the week with a gain of 0.45%. The euro zone will publish final inflation figures for October on Thursday which is expected to confirm that consumer prices rose 1.4%. If confirmed, the figure would remain well below the European Central Bank’s target of around 2%. The core reading, which excludes volatile energy and food prices, is anticipated to reach a five-month low of 0.9%.

The euro zone is also to release preliminary data on third quarter growth on Tuesday which is expected to show an advance of 0.6 percent. Also on Tuesday, European Central Bank chief Mario Draghi, U.S. Federal Reserve Chair Janet Yellen, Bank of England head Mark Carney and Bank of Japan Governor Haruhiko Kuroda will form a panel at an ECB-hosted conference in Frankfurt to discuss about challenges and opportunities of central bank communication.

ON Friday, the Statistics Canada is to release October consumer price inflation data, which is expected to show that inflation increased 0.1% last month. On a yearly base, CPI is projected to climb 1.4%.