Search LOGIN

WEEK AHEAD:NOVEMBER 21

Short Description

RBNZ & Fed Minutes

Video Script

Number one:

RBNZ Monetary Policy Statement

It will be a big day for traders of the Kiwi dollar on Wednesday as the Reserve Bank of New Zealand, a.k.a RBNZ, will be releasing its monetary policy statement. Back in October, the Reserve Bank of New Zealand raised its official cash rate (OCR) by 50bps, leaving interest rates at 3.5%. To put this into context, this is the highest it has been since 2015. Trading Economics forecasts a 4.25% interest rate which isn't a long stretch given that policymakers have flagged more rate hikes as a possibility.

Number two:

FTX Meltdown Continues

So last week, the crypto industry was dealt a major blow when Crypto exchange FTX filed for bankruptcy. The meltdown escalated when rival Binance announced it would no longer buy the company, causing fear and panic among crypto traders. The ripple effects are now evident as other blockchains like Solana have begun to suffer. Next week will usher in a series of events and critical decisions about FTX's future and we can't wait to find out how it goes.

Number three:

FOMC Meeting Minutes

The dollar has been under pressure of late and the next key moment could come on Wednesday when the Federal Open Market Committee will release the minutes from its most recent meeting. This event could provide some insight into the Fed's plans for interest rates going forward. The minutes of this meeting will be closely watched by traders for any clues as to what the Fed plans to do next. At the moment, the US fed rate is 3.75% to 4.25%, the highest it has been since 2008!

Number four:

US Unemployment Claims

The US will also be releasing its unemployment claims data on Wednesday. By the end of the third quarter, the US had been doing relatively well in this regard with the unemployment claims, reaching a low of 190,000 by the last week of September. However, October has been a different story with the number of claims rising to 226,000 in the first week of the month, and has remained above 210,000 since then. Rising claims suggest a weakening of the labour market, making a Fed pivot all the more likely.

Number five:

Canadian Retail Sales

Retail sales is a measure of consumer spending or the value of inflation-adjusted sales at the retail level. The data for Canada will be released on Tuesday and analysts are expecting to see an increase, in line with the positive reports observed since June.

UNLIMITED ACCESS!

The best way to keep track of your accounts. Get notifications
and access your dashboard any time!

Open a live or demo account, make secure deposits or get latest
market updates for free!