Monday, November 21 The week will traditionally start with a completely empty macroeconomic calendar. That again will not give any incentives for a full-fledged correction, which is already so expected in the market. The correction clearly needs a serious reason, and at the end of last week, even data on retail sales in the UK (which turned out to be worse than forecasts) was not enough to change the trend. Tuesday, November 22 On Tuesday, if any semblance of a correction begins, it will be only for the Canadian dollar. The reason will be the data on retail sales in Canada, the growth rate of which may slow down from 7.0% to 5.1%. However, Canada's macroeconomic statistics are of exclusively local importance, so it will not have any impact on other currencies. Wednesday, November 23 On Wednesday, preliminary data on business activity indices in many countries will be published, and they may become the basis for the long-awaited correction. The fact is that in Europe and many other regions, only a decline in all indices is expected, but in the United States the forecasts are somewhat better. In particular, the index of business activity in the service sector should grow. And quite noticeably – from 47.8 points to 49.3 points. In addition, the United States will present data on basic orders for durable goods, the number of initial applications for unemployment benefits, new home sales and crude oil reserves in the country. The minutes of the last FOMC meeting will be published late in the evening. Thursday, November 24 Preliminary estimates on business activity indices in Japan are published on Thursday, and, as almost everywhere, they are expected to decline. Given the importance of Japanese statistics, this fact will allow the correction to continue, and the US dollar will be able to strengthen a little more. Friday, November 25 The week ends with an almost empty macroeconomic calendar, so the market will rather stabilize around the values reached on Thursday. Only German GDP statistics for the third quarter can attract attention, but analysts do not expect any changes in the dynamics of the indicator, so these data will not affect the market in any way.
