Not much news over the weekend and as such, we should expect a calm open in Wellington tonight. Market  participants will be watching the numbers out of  Black Friday and Cyber Monday as they are often taken as harbingers of what the overall holiday shopping period will look like. Fed communications and ongoing tax reform negotiations will be in focus with only Nzd CPI & CAD Retail Sales as Tier 1 data prints.

USD: In the US, the FOMC minutes will certainly be scrutinized but don’t expect any surprises. Other data on tap includes existing home sales, durable goods, Michigan consumer sentiment and flash PMI figures.

EUR:  flash PMI readings, Ger IFO and final estimates for GDP growth will be watched but the main focus in Europe this week will be the ECB minutes.

GBP: the Chancellor Philip Hammond will deliver the Autumn Budget. Interviewed on BBC, Hammond said “will seek to ease health service measures in a balanced and measured way”, “must deliver 300k new homes per year”, “Brexit date not set in stone”.

CAD: crude oil will continue to drive CAD flows until the Retail Sales print.

AsiaPac:   In Australia, the RBA will publish the minutes from its last meeting.

Going into the week I remain bearish on European indices, Aud & Nzd. I am turning bullish on Gold and Jpy.

About the Author

Justin is a Forex trader and Coach. He is co-owner of www.fxrenew.com, a provider of Forex signals from ex-bank and hedge fund traders (get a free trial), or get FREE access to the Advanced Forex Course for Smart Traders. If you like his writing you can subscribe to the newsletter for free.