This week the US releases the ISM non-manufacturing PMI, and Canada releases data on Ivey PMI and employment change. Germany reports on the country’s manufacturing PMI. The Bank of England is to take an interest rate decision. The British Parliament is to be dissolved before the early election, and the U.S. may withdraw from the Paris Climate Agreement.
November 4. Germany’s PMI. US withdrawal from the climate agreement
At 08:55 GMT, Germany releases an updated Manufacturing Purchasing Managers’ Index (PMI). The previous result was 41.9 points.
We remind you that Europe’s largest economy officially fell into recession. They are now discussing measures that could change the negative trend. One shouldn’t expect more positive data.
This is the day when the U.S. might withdraw from the Paris Climate Agreement. President Donald Trump announced his intention to do so in 2017.
Such steps not only undermine the country’s authority in the world but also puts the reputation of the US leader at risk. Meanwhile, Donald Trump plans to be re-elected for a second term in 2020.
November 5. US ISM non-manufacturing PMI
At 15:00 GMT, the U.S. releases its ISM non-manufacturing PMI. In contrast to the European economy, the U.S. tries to show a positive trend. Experts expect the indicator to increase to 53.2 from the previous data of 52.6.
The result is likely to be higher than the forecast against the backdrop of progress made in negotiations with China on the future of trade relations.
November 6. Ivey PMI in Canada. Dissolution of the UK Parliament
At 15:00 GMT, Canada releases its seasonally adjusted data on Ivey PMI in October. In September, the index was 48.7 points. This has been the lowest value since 2015. Therefore, the reading is quite likely to exceed the expected value.
The British Parliament should have been dissolved by November 6 so that the political forces of the kingdom could focus on the election.
Last week, Prime Minister Boris Johnson managed to get his plan of holding an early election on December 12 approved by the opposition. This happened after the European Union agreed to delay Brexit until 31 January 2020.
November 7. The Bank of England’s interest rate decision
At 12:00 GMT, the Bank of England releases its decision on the interest rate. The current rate is 0.75%. The bank’s management did not hint at its decrease, so traders do not expect any surprising data.
Besides, the economy of the United Kingdom is not in its best shape due to the general slowdown in Europe, the crisis of relations between the U.S. and China, as well as Brexit-related problems.
November 8. Employment change in Canada
At 13:30 GMT, Canada releases a report on the country’s employment change. Analysts expect a growth of 10 thousand. Two reports significantly exceeded expectations. This may be a positive trend, which is just beginning to gain further momentum.