Economic Calendar | November 27 – December 1

Monday, November 27

As a rule, the macroeconomic calendar on Mondays is completely empty, but this time it is worth paying attention to home sales in the United States. According to forecasts, sales of new homes should decrease by 4%. And since this is a fairly high indicator, the US currency will be under pressure at the beginning of the week.

Tuesday, November 28

On Tuesday, again, all attention will be directed to the real estate market in the United States. But this time it will be about prices, which should rise by 0.4%. However, given the significant drop in sales, especially in the secondary market, the price increase looks more like a negative factor hindering the recovery of the real estate market.

The consumer confidence index in the States may also show a decline – from 102.6 to 101.0. So the dollar will remain under pressure on Tuesday. 

Wednesday, November 29

Wednesday will start with the Reserve Bank of New Zealand's interest rate decision. It is expected to remain at the same level of 5.5% per annum. 

From macroeconomic publications, attention should be paid to the data on inflation in Germany – the indicator is expected to decrease from 3.8% to 3.5%. This will be followed by statistics on US GDP. However, a second assessment is published, which is expected to confirm the first one. But if the data is different, then the market, of course, will move. Everything will depend on the nature of the data. At the moment, forecasts indicate that the second assessment will simply confirm the first.

Thursday, November 30

Thursday will be the busiest day in terms of macroeconomic statistics. It will all start with Japan, where retail sales data are published, the growth rate of which is likely to slow down from 5.8% to 4.9%. Which should have a negative impact on the yen. 

The main event not only on Thursday, but throughout the week is the publication of preliminary data on inflation in the eurozone. Consumer price growth is expected to rise from 2.9% to 3.1%. And this is in sharp contrast to the recent sharp decline in inflation in the UK and the United States. If these forecasts are confirmed, the market may believe in the possibility of another increase in the ECB refinancing rate, which will lead to a significant increase in the single European currency and a decrease in the US dollar. Against this background, even a hypothetical increase in the unemployment rate in Europe from 6.5% to 6.6% is likely to remain without any attention.

Canada's GDP data will end the day. However, the effect of the inflation data in Europe will be so strong that all other publications of the day may simply be ignored. Moreover, the pace of economic growth in Canada may remain unchanged.

Friday, December 1

The unemployment data published on Friday in Japan is likely to be ignored, as the unemployment rate should remain unchanged. But in Canada, its growth is projected from 5.7% to 5.8%, so the Canadian dollar will end the week with some decline.