Weekly Market Review November 20-24
It certainly wasn’t an easy week for the US Dollar that, although better than expected US figures such as retail sales and CPI numbers that were up to 1.8%, the currency lost its strength due to political issues, with the main one being- Trump’s tax reform, that after been approved by the house of representatives, has set off a whole new dissent that will now be held in the US senate, after the Thanksgiving holiday.
And with that uncertainty in the US, no wonder safe-haven assets enjoyed a higher demand and gold at the top with prices going up by 1.25% closing the week at a 5-week high. And now we’ll move on to our main market movers for this week;
We’ll start with the RBA’s meeting minutes and US existing home sales both of which to be released on Tuesday, moving on to Wednesday with the UK budget statement being the most important release in terms of British data for the day, Eurozone’s consumer confidence, US durable goods orders for the month of October making it the first durable goods report for the 4th quarter with a rise of 0.4% expected, and the minutes from the FOMC’s last meeting that, as you might remember left rates unchanged.
On Thursday, we’ll get the second estimate for the UK 3rd quarter GDP, Flash Eurozone’s PMI reading as well as Canada’s retail sales, and we’ll just remind you that financial markets in the US will be closed on Thursday and Friday for the Thanksgiving holiday, and we’ll close the week with the German IFO business climate report on Friday.