Economic Announcements for week 46
Q4 is now on the way here is a quick round-up of the economic announcements to look out for this week along with an overview of GBP/USD and GBP/EUR. These high-importance announcements will potentially set the tone for currency movements on the data released.
November 14th
UK
07:00 Employment Change August- In the United Kingdom, employment change refers to the 3-month moving average compared to the previous period in the number of people in employment aged 16 and over. Previous -207K
Unemployment Rate September - In the United Kingdom, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. Previous 4.3%
USA
13:30 Core Inflation Y0Y October - In the United States, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes volatile food and fuel costs.
Previous 4.1% Forecast 4.1%
Inflation Rate YoY October- In the United States, unadjusted Consumer Price Index for All Urban Consumers is based on the prices of a market basket of: Food (14% of total weight); Energy (8%); Commodities Less Food & Energy Commodities (21%) and Services Less Energy Services (57%). The last category is divided by: Shelter (32%), Medical Care Services (7%) and Transportation Services (6%).
November 15th
07:00 UK Core Inflation October -In the United Kingdom, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes some volatile price items.
Previous 6.1% Forecast 5.8%
Inflation Rate YoY October - In the United Kingdom, the most important categories in the Consumer Price Index are: Transport (14%), Housing & Utilities (14%), and Recreation & Culture (13%). Food & Non-alcoholic Beverages account for 12%, Restaurants & Hotels for 11%, Miscellaneous Goods & Services for 9%¸ Furnishings, Household Equipment & Routine Maintenance of the House for 8%, and Clothing & Footwear for 6%. Others include: Alcoholic Drinks, Tobacco & Narcotics (5%), Education (3%), Communication (3%) and Health (2%).
Previous 6.7% Forecast 4.8%
USA
13:30 PPI MoM October - In the United States, the Producer Price Inflation MoM for final demand measures month-over-month changes in the price for commodities sold for personal consumption, capital investment, government, and export. It is composed of six main price indexes: final demand goods (33 percent of the total weight), which includes food and energy; final demand trade services (20 percent); final demand transportation and warehousing services (4 percent); final demand services less trade, transportation, and warehousing (41 percent); final demand construction (2 percent); and overall final demand.
Previous 0.5% Forecast 0.1%
November 17th
USA
13:30 Building Permits Prel October- Building Permits refer to the approvals given by local jurisdictions before the construction of a new or existing building can legally occur. Not all areas of the United States require a permit for construction.
Previous 1.471M Forecast 1.45M
GBP/USD
GBP had a 2.14% rise against USD following the "soft" jobs data breaking through the 1.23 level of resistance however these gains were short-lived lived with GBP USD pulling back 1.46% to 1.2246. With Inflation data the the main focus of the economic news this week positive data showing a fall in inflation could show strength for USD and GBP. 1.23 remains a level of resistance and 1.2062 is the level of support.
GBP/EUR
The gains from the BOE interest freeze has been taken out with GBPEUR currently trading at 1.146 which is currently acting as a level of support. Positive inflation data from the UK could be a sign for growing confidence in the UK economy however any negative news from the UK could result in a further pull back with 1.1329 at the next level of support.
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