The week of 4th-8th November 2024- 4 Big interest rate decisions- And an election!

This week we await interest rate decisions from Australia, Brazil, the UK and US, the RBNZ delivers a Financial Stability Report and the Bank of England and Bank of Japan will publish Minutes of their recent policy meetings. We will also receive the ISM Non-Manufacturing PMI and Canadian Employment figures. Top of the bill is the US Presidential Election.?

Monday may see some volatility as traders coming back from last Friday’s European holiday react to a shocking Non-Fram Payrolls print and position themselves for the US Presidential Election. The RBNZ releases its Financial Stability Report in the evening.?

Early Tuesday morning, the Reserve Bank of Australia will inform us of its interest rate decision. Expectations are for unchanged at 4.35%. Last week, Australian 3rd quarter inflation data came in at 2.8% y.o.y, an improvement on the previous quarter, but probably not enough to persuade the committee to cut. A statement will accompany the decision. In the afternoon the ISM releases its Non-Manufacturing PMI (Exp 53.3 for Oct). The US people will vote. After all the predictive polls it is still a 50:50 guess as to who wins the election. Late in the evening Japanese Monetary Policy Minutes will be released.?

On Wednesday the Central bank of Brazil is expected to raise interest rates to 11.25%. On Thursday the Bank of England is likely to cut UK rates to 4.75%. The US Fed is also expected to cut interest rates to 4.75%.?

Canadian Employment numbers wrap up the week. Expectations are for 33.2K new jobs created and the unemployment rate to creep up to 6.6%.?

A volatile week in store!?

Ben Robson?

Ben Robson is Head of Institutional E-FX at Swiss Finance Corporation. He is also the Amazon Best Selling Author of Currency Kings – How Billion traders Made their Fortune Trading Forex. McGraw Hill