Various events look set to impact the markets this week. In addition to minutes from the Fed’s November meeting, market movements will likely also be shaped by the release of updated flash services and manufacturing PMI figures.
Traders should maintain caution and closely monitor the following developments for a successful trading week:
The consumer price index for Canada decreased by 0.1% in September 2023 compared to the previous month.
Analysts anticipate a 0.1% increase in the figures for October, which are set to be released on 21 November.
The Fed kept the target range for the federal funds rate at 5.25–5.5% for a second consecutive time in November, reflecting policymakers’ dual focus on returning inflation to 2% while avoiding excessive monetary tightening.
At a press conference, Fed chair Powell stated that rate cuts have not been discussed and that the focus remains on potential hikes by the central bank.
New orders for manufactured durable goods in the United States surged by 4.6% month-over-month in September 2023, rebounding from a 0.1% contraction in August.
Analysts anticipate a 3.2% decrease in the figures for October, which are set to be released on 21 November.
Germany’s manufacturing PMI increased from 39.6 to 40.8 between September and October 2023. Meanwhile, the UK’s manufacturing PMI increased from 44.3 to 44.8 during the same period.
New PMI figures will be released on 23 November. Analysts’ predicted manufacturing PMIs are 41.2 for Germany and 45 for the UK.
Germany’s services PMI declined from 50.3 to 48.2 between September and October 2023. Meanwhile, the UK’s services PMI increased from 49.3 to 49.5 during the same period.
New PMI figures will be released on 23 November. Analysts’ predicted services PMIs are 48.5 for Germany and 49.5 for the UK.
The US’ flash manufacturing PMI was 50 in October 2023, marking a slight increase from 49.8 in September. In the same period, the US’ flash services PMI rose from 50.1 to 50.6.
Analysts predict that the US’ manufacturing PMI for November 2023 will decrease to 49.8 while the US’ services PMI will also fall to 50.3.