Investing.com – Last week saw the euro rebound from a six-week low against the U.S. dollar on Friday, after euro zone finance ministers issued a joint statement saying government bonds issued before mid-2013 would be unaffected by changes to the EU's bailout program.
EUR/USD hit 1.3573 on Friday, the pair’s lowest since September 30; the pair subsequently consolidated at 1.3691 by close of trade, plunging 2.79% over the week.
The pair was likely to find support at 1.3380, the low of September 28 and resistance at 1.3825, last Thursday’s high.
Earlier in the week, renewed concerns about Europe's fiscal strength, this time with Ireland in focus, saw Irish government bond yields soar to record highs amid concerns that the country would struggle to repay its bondholders.
Meanwhile, a two-day summit of the leaders of the Group of 20 leading and developing countries failed to reach a solid agreement on exchange rates and trade surpluses.
G-20 leaders vowed action to seek more balanced growth and set "indicative guidelines" for measuring imbalances between economies, but left the details to be discussed in the first half of 2011.
In the coming week, the U.S. is to release a raft of data with reports on retail sales, inflation, manufacturing, foreign investment and building permits. The country is also to release key weekly data on initial jobless claims and the chairman of the Federal Reserve is to speak at a public engagement.
Also next week, the euro zone is to publish key data on German economic sentiment as well as data on inflation.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, November 15
The euro zone will begin the week with a report on the region’s trade balance, the difference in value between imported and exported goods and services during the month. Italy is also to release data on its trade balance.
Also Monday, the U.S. is to publish key monthly data on retail sales, the primary gauge of consumer spending, which accounts for the majority of overall economic activity. In addition, the Federal Reserve Bank of New York is to publish its monthly manufacturing index, a leading indicator of economic health. The country is also to publish data on business inventories.
Tuesday, November 16
In the euro zone, the ZEW Centre for Economic Research is to publish key data on German economic sentiment as well as data on economic sentiment in the wider euro zone. The region is also to publish data on consumer price inflation, a leading indicator of economic growth.
Also Tuesday, the U.S. is to publish key data on producer prices, a leading indicator of consumer inflation, as well as government data on the difference in value between foreign long-term securities purchased by U.S. citizens and U.S. long-term securities purchased by foreigners. The country is also to release official data on industrial production, a leading indicator of economic health as well as data on the capacity utilization rate.
Wednesday, November 17
The U.S. is to release key data on its consumer price index, as well as government data on building permits and housing starts, both leading indicators of health in the housing sector. The country will also publish a report on crude oil inventories.
Thursday, November 18
The euro zone is to publish data on the region’s current account while European Central Bank President Jean-Claude Trichet is to give a speech; his comments will be closely watched for any clues to the future direction of monetary policy.
Meanwhile, the U.S. is to release key weekly data on initial jobless claims, while the Federal Reserve Bank of Philadelphia is due to release a report on the city’s manufacturing sector. The country is also due to publish an index of leading economic indicators, designed to predict the future direction of the economy, as well as a report on natural gas inventories.
Friday, November 19
Federal Reserve Chairman Ben Bernanke and ECB President Jean Claude Trichet are both to deliver speeches at an ECB conference in Frankfurt.
Meanwhile, in the euro zone, Germany is to publish data on its producer price index, a leading indicator of consumer inflation.
EUR/USD hit 1.3573 on Friday, the pair’s lowest since September 30; the pair subsequently consolidated at 1.3691 by close of trade, plunging 2.79% over the week.
The pair was likely to find support at 1.3380, the low of September 28 and resistance at 1.3825, last Thursday’s high.
Earlier in the week, renewed concerns about Europe's fiscal strength, this time with Ireland in focus, saw Irish government bond yields soar to record highs amid concerns that the country would struggle to repay its bondholders.
Meanwhile, a two-day summit of the leaders of the Group of 20 leading and developing countries failed to reach a solid agreement on exchange rates and trade surpluses.
G-20 leaders vowed action to seek more balanced growth and set "indicative guidelines" for measuring imbalances between economies, but left the details to be discussed in the first half of 2011.
In the coming week, the U.S. is to release a raft of data with reports on retail sales, inflation, manufacturing, foreign investment and building permits. The country is also to release key weekly data on initial jobless claims and the chairman of the Federal Reserve is to speak at a public engagement.
Also next week, the euro zone is to publish key data on German economic sentiment as well as data on inflation.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, November 15
The euro zone will begin the week with a report on the region’s trade balance, the difference in value between imported and exported goods and services during the month. Italy is also to release data on its trade balance.
Also Monday, the U.S. is to publish key monthly data on retail sales, the primary gauge of consumer spending, which accounts for the majority of overall economic activity. In addition, the Federal Reserve Bank of New York is to publish its monthly manufacturing index, a leading indicator of economic health. The country is also to publish data on business inventories.
Tuesday, November 16
In the euro zone, the ZEW Centre for Economic Research is to publish key data on German economic sentiment as well as data on economic sentiment in the wider euro zone. The region is also to publish data on consumer price inflation, a leading indicator of economic growth.
Also Tuesday, the U.S. is to publish key data on producer prices, a leading indicator of consumer inflation, as well as government data on the difference in value between foreign long-term securities purchased by U.S. citizens and U.S. long-term securities purchased by foreigners. The country is also to release official data on industrial production, a leading indicator of economic health as well as data on the capacity utilization rate.
Wednesday, November 17
The U.S. is to release key data on its consumer price index, as well as government data on building permits and housing starts, both leading indicators of health in the housing sector. The country will also publish a report on crude oil inventories.
Thursday, November 18
The euro zone is to publish data on the region’s current account while European Central Bank President Jean-Claude Trichet is to give a speech; his comments will be closely watched for any clues to the future direction of monetary policy.
Meanwhile, the U.S. is to release key weekly data on initial jobless claims, while the Federal Reserve Bank of Philadelphia is due to release a report on the city’s manufacturing sector. The country is also due to publish an index of leading economic indicators, designed to predict the future direction of the economy, as well as a report on natural gas inventories.
Friday, November 19
Federal Reserve Chairman Ben Bernanke and ECB President Jean Claude Trichet are both to deliver speeches at an ECB conference in Frankfurt.
Meanwhile, in the euro zone, Germany is to publish data on its producer price index, a leading indicator of consumer inflation.