And next week, Brexit will be in the spotlight. After heavy talks, Teresa May received the green light from the Cabinet to continue with her current proposal, which will be examined and voted by Parliament in early December, and the European Union has given positive feedback on the work that has been done so far. The GBP / USD remains in the downward trend in the long run, but in the short term we expect increased volatility along every line of news that comes out for negotiations and sharp impulses in both directions. Negotiations are entering an important period.
Oil ends the week with rises after heavy sell-off alongside oil uncer- tainty from OPEC member states and its allies. A meeting in Abu Dhabi last weekend made it clear that OPEC will trigger a reduction in production in 2019, and Saudi Arabia said it would begin next month with restrictions. Nevertheless, oil has entered a bear territory. In the short term, we can expect a brief consolidation to the release of an additional catalyst. The fact is, however, that even Cartel's confirmation of the reduction in yields failed to support this strongly in the oil price.
Trade War and the Global Economy ... This terrible trade war. But behind every war lies more. Trump is a businessman above all, and of course, such a conflict will be detrimental to him as a businessman and of course as a president. From every rumor or news, we expect a rise in volatility and strong movements at both extremes. Expectations are for a positive development of events during or shortly after the meeting this month at the G20. China is also not interested in continuing the conflict. With each of the next forecasts for the world economy, we see that they are becoming more pessimistic, and each of the next institutions or a large bank that puts forward analyzes reduces their forecasts for global growth. A factor that gives rise to anxiety and fear, and which, right now, in all of them, markets do not need.
The foundation will help to find a clearer input for the indexes because they are currently in consolidation and it is risky to undertake opening positions with definitive conclusions about any direction of movement. Relations between China and the United States are entering a key moment. The prospects for the global economy will also predetermine the behavior of market participants and their moods.
The US dollar has reached key levels, and the move is currently undergoing a short-term adjustment that is expected to continue in the next week. This reinforced the opposite currency pairs in the basket against the dollar.
Monday:
01:50 Japan - Trade Balance
17:00 US - NAHB Housing Market Index
Full day EU - Eurogroup meeting
17:45 FOMC statement by Williams
Tuesday:
09:00 Germany - PPI
All day - OPEC meets
15:30 United States - building permits
15:30 United States - building new housing
23:30 US - API weekly petroleum inventory
Wednesday:
15:30 United States - long-term applications for unemployed
17:00 US - sales of existing housing
17:00 United States - Michigan User Index
US: Oil Stocks
Thursday:
USA - Day off, Thanksgiving Day
01:30 Japan - CPI
17:00 EU Consumer Confidence
Friday:
Japan - Day off
02:30 Japan - Production PMI
09:00 Germany - GDP
10:30 Germany - PMI Production
10:30 Germany - PMI Services
11:00 EU - PMI production
11:00 EU - PMI services
15:30 Canada - CPI
15:30 Canada - Retail
16:45 USA - PMI Production
16:45 USA - PMI Services
20:00 USA - Number of Baker Hughes oil platforms
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