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WEEK AHEAD:NOVEMBER 14

Short Description

G20 meetings & Crypto fallout expectations

Video Script

Number one:

G20 meetings

Asia hosts the G20 summit this year. Recovery from pandemics, the digital economy, and sustainable development will be the official topics of these meetings. However, world politics, especially the Russian invasion of Ukraine, will likely overshadow these themes. Indonesia, which is hosting the G20, has resisted Western and Ukrainian calls to expel Putin from the leaders' meeting and kick Russia out of the organization. Indonesia has said that it can't do either of those things without the agreement of all the other countries. Meeting results and announcements may affect market sentiment.

Number two:

Crypto fallout

Last week, Bitcoin and other cryptocurrencies fell because investors were worried that the problems with FTX that caused Binance to bail out could spread to other big players in the digital asset market. Last week, FTX's CEO disclosed that the cryptocurrency exchange had agreed to be acquired by rival Binance. The emergency settlement shook the cryptocurrency industry, bringing back worries about liquidity shortages that could lead to business failures and Binance's market dominance. This week will show how much this affects cryptocurrency and other asset classes.

Number three:

British CPI

As it raised interest rates to 3% in its last meeting, the Bank of England anticipated a recession that would last at least until 2023. The British economy fell for a long time because of high energy prices and tighter finances, which made people spend less. This week, another set of crucial UK CPI data will be revealed. Given the strong tightening, traders would want to see a little decrease in CPI, which would boost the pound.

Number four:

Jeremy Hunt Autumn Plan

Last month, the British government's economic plan announcement was postponed from Halloween to November 17 because the chancellor believed it would aid ministers in making "tough decisions... that stand the test of time." According to research from the Resolution Foundation, the government must find at least £40 billion to rebalance the country's finances, meaning Prime Minister Rishi Sunak and his chancellor have an enormous challenge. What actions might the chancellor take as a result when he makes his autumn statement this week? Markets will want to know.

Number five:

US Retail Sales

The rate of growth of the US Redbook index last week was the smallest since March 2021. The Redbook is a weekly index that calculates same-store sales. Or, to put it another way, it's a retail sales monitor. According to the data, it increased by 9.7% the week before and then by 7.6% during the first week of November. Right now, no contraction has been visible. However, this has given the US currency a further downward push. The official set of US retail sales figures for October will be released this week. Retail sales growth that is increasing more slowly suggests that inflation may soon be brought under control, which will put pressure on US dollar trading.

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