Forex Market Economic Calendar for Tuesday 7th November 2017

November 7, 2017

3 min

The main economic event for today in the forex market is the interest rate decision by the Reserve Bank of Australia, which can have a significant impact on the Australian Dollar. There are several speeches by senior central bank officials, and important economic data for the economy of Germany and the Eurozone, and additional information about the US labor market state.
These are the main economic events for today to focus on:

European Session

  1. Germany Industrial Production, Construction PMI

Time: 07:00 GMT, 08:30 GMT
Rising numbers will be positive for the German economy and the Euro, indicating expanding economic and business activity for the industrial and construction sectors.

  1. Ecofin Meeting, ECB Draghi Speech, Eurozone Retail Sales, Italy Retail Sales

Time: 08:00 GMT, 09:00 GMT, 10:00 GMT
Higher than expected or rising figures for the retail sales will be positive for the Eurozone and Italy, reflecting higher consumer spending, increased consumer confidence, leading to higher future economic growth in terms of GDP. For the Eurozone the forecasts are for an increase of retail sales, both on a yearly and monthly basis, which should be positive and supportive for the Euro.

  1. Russia Inflation Rate

Time: 13:00 GMT
On a yearly basis the inflation rate in Russia is expected to decline to 2.8%, from the previous figure of 3.0%, a marginal decrease which should have little impact to the Russian Ruble price action.

American Session

  1. IBD/TIPP Economic Optimism, JOLTs Job Openings

Time: 15:00 GMT
Rising figures for the economic optimism index and an increase in the number of job vacancies, will both be positive for the US economy, reflecting a robust economy. The job openings will provide further insights on the labor market strength after the release of non-farm payrolls in the past week. The forecast is for a reading of 5.980M, lower than the previous reading of 6.082M, while the economic optimist index is expected to rise to 51.2, a reading higher than the previous one of 50.3.

  1. Fed Yellen Speech, BoC Governor Poloz Speech, API Weekly Crude Oil Stock

Time: 18:10 GMT, 20:00 GMT, 21:30 GMT
In the past week we learned about the replacement of Chair Janet Yellen from early next year, an important economic development. The forex market will pay attention to the last speeches of Chair Yellen, for insights on economic conditions, while the speech by the Bank of Canada Governor can also move the Canadian Dollar depending on the statements, forecasts or new information provided for the economy of Canada. The weekly report on US total petroleum industry will provide important information related to petroleum products, their supply and demand, which move the prices of the products.

Pacific Session

  1. Reserve Bank of Australia Interest Rate Decision

Time: 03:30 GMT
Probably the most important economic event for the day, with the expectation of having an unchanged key interest rate at 1.5%. But like in the case of the Bank of England interest rate decision past week, the forex market will focus not only on the actual economic release, but also on the expectations and forecasts of future monetary change policy, economic growth and conditions, such as inflation rate.
In the case of Bank of England interest rate decision, there was an increase in the actual key interest rate of 25 basis points, from 0.25% to 0.50%, an increase after many years, and the market reacted not positively, but negatively for the British Pound, as it was depreciated against other currencies, as the statements were that this was probably a one-time event, and it should not occur frequently under current economic conditions.

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