Weekly Outlook: Key USD and EUR Economic Events to Watch

Significant events to watch:

-US (USD): U.S CB Consumer Confidence

-EU (EUR): Eurozone Consumer Price Index (CPI) YoY

-US (USD): ISM Manufacturing Purchasing Managers Index (PMI) 

US (USD): U.S CB Consumer Confidence

Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD

The previous reading was 102.6 better than the expected 100. The next report is due on November 28, 15:00 GMT. Its forecast stands at 101.

EU (EUR): Eurozone Consumer Price Index (CPI) YoY

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

The previous reading came out to be 2.9% – similar to the expected figure. The next report is due on November 30, 10:00 GMT. Its forecast stands at 2.8%.

US (USD): ISM Manufacturing Purchasing Managers Index (PMI)

The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers Inventories, Employment, and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction and the diffusion index. Responses are raw data and are never changed.

The PMI is a composite index based on the seasonally adjusted diffusion indices for five of the indicators with varying weights: New Orders –30% Production –25% Employment –20% Supplier Deliveries –15% and Inventories — 10%.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

The previous actual data was 46.7 – worse than the expected 49%. The upcoming report is due on December 01, 15:00 GMT and its forecast figure is also 47.6%.

Risers and Fallers

-S&P500 (+1.10%)

-Amazon (+2.87%)

-NVIDIA Corp (-3.40%)

-Crude oil (-1.18%)

S&P500– The index surged by 1.10% in value last week, closing at almost 4,559. Note that the S&P500 has appreciated almost 8.41% in the previous 6 months.

Amazon– Amazon’s stock climbed by nearly 2.87% in the last 5 days. The stock has shown a notably positive performance this year, registering over 70% gains till date.

NVIDIA Corp– Nvidia’s stock demonstrated a negative performance previous week, shedding 3.40% in value. However, it has performed remarkably excellent this year, registering gains of almost 233% year-to-date.

Crude Oil (Brent)– Crude oil’s price depreciated by 1.18% during the previous week. Currently, the commodity is trading at $80.25 per barrel.

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