The Week Ahead: 13th - 17th November 2023

The Week Ahead: 13th – 17th November 2023

Overview for the Week Ahead

The Euro has ascended to a six-month peak against the Pound Sterling, capping off a week with consistent gains as the EUR/GBP pair approached 0.8750. This rise comes despite mixed economic data from both the European Union and the United Kingdom, where the UK’s figures have notably underperformed even when exceeding forecasts.

At the close of the week, the Euro’s strength was evident as it nearly hit the 0.8750 mark against the Pound. The upward trajectory has been consistent since August, when the EUR/GBP saw low closes around 0.8520. 

Looking ahead, a suite of key economic indicators is set to be released in the coming week. On Tuesday, investors will eye the UK labour and wage data alongside the EU’s third-quarter GDP figures. Wednesday will see the UK’s Consumer Price Index (CPI) inflation data and the EU’s Industrial Production numbers come to light. The week will conclude with Friday’s announcements of UK Retail Sales and EU’s Harmonized Index of Consumer Prices (HICP).

Investors and analysts alike will be closely monitoring these releases for indications of economic health and potential impacts on currency valuations in a market that continues to weigh mixed signals from two of Europe’s leading economies.

In other news, Bitcoin has dropped by 0.3% in the past 24 hours to trade at $36,989.32 currently. Compared to last week, however, it is up by 4.94%.

The second most popular token, Ethereum, has also tumbled down 0.3% from yesterday to trade at $2,046.66. But it has risen 8.23% from last week.

Bitcoin and Ethereum have market capitalizations of $722.59 billion and $246.07 billion, respectively.

The current global crypto market cap is $1.41 trillion, a 0.28% increase over the previous day. The total crypto market volume over the last 24 hours is $55.16 billion, which marks a 20.2% increase.

Last month, the global crypto market cap was $1.05 trillion, while three months back, the total capitalization stood at $1.17 trillion.

Have your trading charts ready this week!

This Week’s High Impact Events

The times below are GMT +2.

Monday 13^th November

No High Impact Events

Tuesday 14^th November

09.00 – UK – Claimant Count Change

Potential instruments to Trade: GBP Crosses. 

15.30 – US – Core CPI m/m, CPI m/m, CPY y/y

Potential instruments to Trade: USD Crosses. 

Wednesday 15^th November

02.30 – Australia – Wage Price Index q/q

Potential instruments to Trade: AUD Crosses. 

04.00 – China – Industrial Production y/y

Potential instruments to Trade: CNY Crosses. 

09.00 – UK – CPI y/y

Potential instruments to Trade: GBP Crosses. 

15.30 – US – Core PPI m/m, Core Retail Sales m/m, Empire State Manufacturing Index, PPI m/m, Retail Sales m/m

Potential instruments to Trade: USD Crosses. 

Thursday 16^th November

02.30 – Australia – Employment Change, Unemployment Rate

Potential instruments to Trade: AUD Crosses. 

15.30 – US – Unemployment Claims

Potential instruments to Trade: USD Crosses. 

Friday 17^th November

09.00 – UK – Retail Sales m/m

Potential instruments to Trade: GBP Crosses. 

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