European CPI Reached 10.6% | UK Budget Ahead
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At the beginning of the day positive data came from Australia. GBP traders eyes will be on the UK budget release. Behind the assessment, there will also be important reports and speeches that may affect the situation on the currency market.
Australian Labour Market
In October, there was an improvement in the employment sector. The number of people employed increased from a negative level (-3.8K) to 32.2K.
The unemployment rate also turned out to be positive. The reading was lower than expected and will reach 3.4% against the previous 3.5%.
Strong employment data may help the Australian currency (AUD) and also influence the RBA's future monetary policy decisions.
EU CPI
Inflation in Eurozone turned out to be slightly lower than expected. The current reading showed that inflation rose from 9.9% to 10.6%. It was expected to reach 10.7%.
Core inflation reached the expected level of 5.0%.
Read more: Forecast For The Eurozone Are Not Optimistic, Inflation Can Reach A Record High| FXMAG.COM
Autumn UK Forecast Statement
Chancellor Jeremy Hunt will deliver the statement to MPs.
The government is set to announce tens of billions of pounds worth of spending cuts and tax rises.
It is expected about 55% of the measures will be spending cuts, but confirmation of this will appear at 14:30 CET.
The Autumn Statement will affect the take-home pay and household budgets of millions of people, as well as money for key public services.
Some of the Autumn Statement will affect the whole of the UK. However, the governments of Scotland, Wales and Northern Ireland also make some tax and spending decisions independently.
UK Speeches
In connection with the publication of budget data, speeches from the UK are also expected.
The first speech will take place at 14:30 CET with MPC Member Huw Pill as the speaker.
The next speaker will be Silvana Tenreyro, his speech is scheduled for 16:30 CET.
US Building Permits
Building permits are a key indicator of demand in the housing market. The change in the number of new construction permits issued by the government last time increased to 1,564M. It is expected that there will be no further increase and the number of permits will fall to the level of 1,512M. Observing the data from the beginning of the year, we see that the downward trend continues, and the few rebounds from the trend suggest better temporary periods.
Source: investing.com
Initial Jobless Claims
The weekly report on he number of individuals who filed for unemployment insurance for the first time during the past week will appear today. Previously, this number increased significantly from 218K to 225K. The figure from the previous reading is expected to hold.
Philadelphia Fed Manufacturing Index
The Philadelphia Federal Reserve Manufacturing Index rates the relative level of general business conditions in Philadelphia.
We have been seeing negative results since May. And the last two readings were below zero, and it is expected that this time the level will be below zero, but will increase slightly. Forecasts show that the indicator may increase from -8.7 to -6.2. This may mean that a bad situation may slowly improve.
Source: investing.com
FOMC speeches
Fed officials will also speak today.
The first speeches will take place at 15:00 CET. The Federal Reserve Bank of St. Louis President and Federal Open Market Committee (FOMC) voting member James Bullard.
At 16:15 CET, Michelle W. Bowman, member of the Board of Governors of the Federal Reserve System, will speak.
U.S. Federal Open Market Committee (FOMC) Member Mester also speaks at 16:40 CET.
Summary:
- 2:30 CET Employment Change
- 2:30 CET Unemployment Rate (Oct)
- 12:00 CET EU CPI (YoY) (Oct)
- 14:30 CET Autumn UK Forecast Statement
- 14:30 CET BoE MPC Member Pill Speaks
- 15:00 CET FOMC Member Bullard Speaks
- 15:30 CET US Building Permits (Oct)
- 15:30 CET Initial Jobless Claims
- 15:30 CET Philadelphia Fed Manufacturing Index (Nov)
- 16:15 CET FOMC Member Bowman Speaks
- 16:30 CET MPC Member Tenreyro Speaks
- 16:40 CET FOMC Member Mester Speaks
Source: https://www.investing.com/economic-calendar/
