During the week there are several important reports to be published that may influence forex and commodities traders including: U.S. existing home sales report, FOMC meeting minutes Euro Area’s Manufacturing and Great Britain’s revised GDP report for Q3 2011. Here is an economic news calendar for the week of November 21st to November 25th that highlights the main news items related to the U.S., Europe and Canada.
(All times GMT):
- Monday 21st of November 15:00 – U.S. Existing Home Sales: This report will present the development in U.S. existing home sales during October 2011; in the recent report regarding September the number of homes sold declined: the seasonally adjusted annual rate reached 4.91 million home sales compared with an annual rate of 5.06 million home sales in August 2011, a 3.0% decrease (see here the recent review);
- Tuesday 22nd of November 13:30 – Core Retails Sales Canada (September 2011): This report presents the changes in the retails sales in Canada during September 2011. It may affect the USD/CAD exchange rate. In the previous report regarding August 2011, retails sales slightly rose by 0.5% to $37.8 billion; in volume terms the sales rose during the month by 0.3%; gasoline station sales led the charge with a 1.9% increase during August 2011 (see here the full report);
- Tuesday 22nd of November 13:30 – (second estimate) US GDP 3Q 2011 Report: This will be the second estimate of the third quarter 2011 real GDP of U.S. In the first estimate of the 3Q2011 the GDP growth rate was 2.5%, compared with 1.3% increase at 2Q2011. This shows a steady increase in the growth rate of the US’s economy. If this upcoming report will show a sharp difference from the first estimate, it could have substantial effect on forex and commodities traders (for the final estimate of 3Q GDP).
- Tuesday 22nd of November 19:00 – FOMC Meeting Minutes: Following the recent FOMC meeting, in which it was decided to keep the interest rates low and the FOMC revised down its economic outlook on the U.S economy, the minutes might bring some insight regarding the next steps of the FOMC and will there be an additional stimulus plan in the near future (see here FOMC meeting);
- Wednesday 23rd of November 09:00 – Euro Area Manufacturing PMI: In the last report regarding October 2011, the Euro Zone Manufacturing PMI declined again to 47.2. This report will provide an indicator to the economic growth of the Euro zone economy and could influence the Euro/USD exchange rate consequently major commodities prices;
- Wednesday 23rd of November 13:30 – U.S Department of Commerce – Report on Core Durable Goods: This monthly report will examine the development in U.S. orders of durable goods in the manufacturing sector during October. This report indirectly shows the changes in U.S. demand for commodities such as crude oil. During September 2011, manufactured durable goods declined by $1.5 billion to $200.3 billion; Non-defense new orders for capital goods also decreased by $1.8 billion or 2.3% to $76.0 billion (for the full report);
- Wednesday 23rd of November 15:30 – EIA Report on Crude Oil Stockpiles: the EIA (Energy Information Administration) will publish its weekly report on the U.S oil and petroleum market for the week ending on November 18th; last week, the U.S petroleum & oil stockpiles sharply decreased by 8.7 million barrels to 1,736.65 million barrels (see here the recent oil stockpiles review);
- Thursday 24th of November 09:00 – German Business Climate Survey: This survey estimates the changes in the business climate in Germany on a monthly basis. In the recent report regarding October 2011, the business climate index declined again from 107.4 in September to 106.4 in October; this survey may affect forex and commodities traders;
- Thursday 24th of November 13:30 – Great Britain Updated GDP 3Q 2011: This will be the second projections of the third quarter real GDP of GB. In the first projections the GDP of the 3Q2011 grew by 0.5%; if the second report will show a change in estimate, it could affect the GBP/USD exchange rate;
- Thursday 24th of November 13:30 – Department of Labor Report – U.S. Unemployment Claims: initial claims decreased by 5,000 to 388,000 claims for the week ending on November 12th; the number of insured unemployment fell by 57K to 3.608 million during the week of November 5th; the upcoming report may affect forex and commodities traders;
- Thursday 24th of November 15:30 – EIA report on U.S. Natural Gas Market: This week the EIA won’t publish its U.S. natural gas report but will only provide an update on the natural gas storage and price changes for the week ending on November 18th. In the previous report, natural gas storage inclined for the thirty-second consecutive week by 19 Bcf to 3,850 billion cubic feet for all lower 48 states (see here my recent natural gas storage review).
For further reading:
Monthly Analysis and Outlook:
- Gold and Silver Prices Monthly Outlook for November 2011
- Natural Gas Prices Monthly Outlook for November 2011