Fresh data from the US and UK that will offer new clues on the health of both economies.
Tuesday, November 10
The inflation report should show whether price pressures are easing and could shift expectations for the Fed’s next steps. The forecasts suggest that monthly inflation is expected to slow, while the annual indicators should hold or rise slightly.
•If inflation is stickier than expected, expectations for a December rate hike could strengthen, supporting the USD.
•A slowdown, especially if it is even sharper than expected, could weaken the dollar and provide support for gold and equities.
Gold has climbed back above the 4000 level, suggesting renewed buying interest. However, the upcoming US inflation data could shift the outlook and increase volatility.
Thursday, November 12
The UK’s monthly GDP report will show whether the economy is gaining or losing momentum. The previous reading showed a 0.1% MoM increase. This week’s figure will suggest whether the economy can maintain this modest pace or is starting to slow. This indicator, combined with Q3 GDP and production numbers, could shape expectations about what the Bank of England will do next with interest rates.
•Stronger-than-expected growth could reinforce expectations for another rate hike and support the GBP.
•A weaker reading could fuel concerns about the economic outlook and put pressure on the pound.
The pound is showing signs of strength. The price is forming new local highs and moving toward the 1.3461 resistance level.
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