October’s US CPI rates to be the next big test for the greenback

With the US elections being over, Trump getting elected and the Fed having released its interest rate decision, we take a look at what next week has in store for the markets.

On the monetary front a number of policymakers from various central banks are scheduled to speak at some point or the other and BoJ is to release the summary of opinions for the October meeting on Monday. As for financial releases we get on Monday Japan’s current account balance for September as well as Norway’s and the Czech Republic’s CPI rates for October. On Tuesday we get UK’s September employment data, Germany’s November ZEW indicator and Canada’s September Building Permits.

On a deeper monetary level, we may see JPY being supported should uncertainty in the markets escalate in the coming week, given JPY’s dual nature as a safe haven and a national currency. On a monetary level we would be interested in the release of BoJ’s October meeting summary of opinions. Should the document highlight BoJ Policymaker’s determination towards normalising the bank’s monetary policy despite the political headwinds, we may see JPY being supported.

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