The economic news that will drive the markets this week

Following a busy week of news, which included the announcement of a new Federal Reserve chair and the Bank of England raising interest rates for the first time in more than a decade, global financial markets will focus on a few U.S. economic reports, with Friday's consumer sentiment data in the spotlight, to gauge how it will impact the Federal Reserve's view on monetary policy in the months ahead.

In the UK, traders will focus on manufacturing production data for further indications on the continued effect that the Brexit decision is having on the economy.

Monetary policy announcements from the Reserve Bank of Australia and the Reserve Bank of New Zealand will also be on the agenda.

RBA Interest Rate Decision, Tuesday - 05:30
Most economists expect the central bank to keep rates unchanged at the current record-low of 1.5% for the 14th straight meeting and maintain its neutral policy stance, as it balances the risk of fueling further borrowing in the country's red-hot property market against tepid inflation.

RBNZ Interest Rate Decision, Wednesday - 22:00
Most market analysts expect the central bank to hold its benchmark interest rate at the current all-time low of 1.75%, where it has been for the last six meetings, when it was last reduced. The RBNZ's new acting governor Grant Spencer will hold a press conference shortly afterwards to discuss the decision.

UK Manufacturing Production, Friday - 11:30
The Office for National Statistics is to produce data on UK manufacturing production for September, amid expectations for a 0.3% increase. Industrial output is forecast to inch up 0.3%. The Bank of England raised interest rates for the first time in more than ten years last week but said it sees only gradual rises ahead as Britain prepares to leave the European Union.

U.S. Michigan Consumer Sentiment, Friday - 17:00
The preliminary University of Michigan November consumer sentiment index scheduled for release on Friday is expected to inch up to a fresh 13-year high of 101.0 from 100.7 in October, which was the highest level since the start of 2004. This week's relatively light calendar also features U.S. data on JOLTS job openings, initial jobless claims and wholesale inventories.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

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