Today, November 21, 2024, brings a range of significant economic events and data releases across different regions, with potential market implications.
Early in the day, RBA Deputy Governor Bullock’s speech will be closely observed for indications about Australia’s monetary policy outlook.
At 2:00 PM, Turkey’s central bank will announce its key interest rates, including the One-Week Repo Rate (expected at 50.00%), Overnight Borrowing Rate (47.00%), and Overnight Lending Rate (53.00%). These decisions are critical for understanding Turkey’s approach to tackling inflation and managing monetary policy amidst ongoing economic challenges.
At 4:00 PM, Russia’s central bank reserves data will be released, offering insight into the country’s financial stability, with the previous figure recorded at $620.8 billion. Simultaneously, South Africa is anticipated to announce a slight interest rate reduction to 7.75% from 8.00%, which could influence the South African rand (ZAR).
In the U.S., labor market data will be in focus. Initial jobless claims are expected at 220,000, with continuing claims forecasted at 1.873 million. The Philadelphia Fed Manufacturing Index is projected to decline to 6.3, with employment figures expected at -2.2, providing a snapshot of the manufacturing sector’s health.
At 6:00 PM, the spotlight will shift to the U.S. housing market, where existing home sales are expected to rise slightly to 3.94 million, despite a monthly decline forecasted at -1.0%. Additionally, the Conference Board Leading Index is predicted to show a -0.3% decline, reflecting ongoing economic challenges.
Later in the day, ECB officials Elderson and Lane are scheduled to speak, potentially shedding light on the Eurozone’s monetary policy outlook. Finally, at 9:00 PM, the U.S. Treasury’s auction of 10-Year Inflation-Protected Securities (TIPS) will provide insights into market sentiment toward inflation and inflation-hedging strategies.
Overall, today is pivotal, with the potential for heightened volatility across major currencies including the AUD, TRY, USD, EUR, ZAR, and CAD. These data releases and events are expected to deliver valuable insights into global economic and monetary trends, shaping market sentiment.
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