Skip to content

We want to clarify that IG International does not have an official Line account at this time. We have not established any official presence on Line messaging platform. Therefore, any accounts claiming to represent IG International on Line are unauthorized and should be considered as fake.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Look ahead 14/11/23: US inflation; Australia confidence; UK jobless; German ZEW; Vodafone; Home Depot

FX volatility could be on the cards on Tuesday ahead of the latest US inflation reading after hawkish comments from the Fed, as well as Australian business and consumer confidence, UK jobless rate and German ZEW data.

Video poster image

(Video Transcript)

AUD, NZD vulnerable to further losses

Hello, I'm Angeline Ong and welcome to IGTV and your look ahead to Tuesday, 14 November 2023. Now, forex is likely to be where the volatility lies. You've got consumer confidence figures out of Australia and the business confidence figures to boot.

I want to show you the Aussie versus the US dollar because this cross here, especially the Aussie dollar and the Kiwi, remains vulnerable to further losses. This is on speculation that US interest rates, no thanks to Federal Reserve (Fed) chair Jerome Powell last week, might have to rise a bit more before inflation is under control.

He certainly did not close the door to that possibility. All this means is it underpinned the dollar and tighter Australian policy failed to provide any assistance to the Aussie as well.

US, UK battle high inflation

In the UK, we've got unemployment figures expected, this is the unemployment rate expected to rise to 4.4% in September. The unemployment figure is being closely watched because, like the US, the UK is also fighting stubbornly high inflation.

Just looking at sterling for you here, because not only do we have that inflation outlook, we also have UK Prime Minister Rishi Sunak reshuffling his cabinet just hours ago, firing Interior Minister Suella Braverman, appointing former Prime Minister David Cameron as foreign minister.

Markets still digesting that, very little in the way of a reaction. Many analysts saying that the near-term prospects for sterling will be driven by economic data and of course, the outlook for the US dollar and that TPI figure that we're counting down to rather than politics.

Euro Zone GDP growth rate due

From the Euro Zone, look out for Q3 GDP growth rate figure. This is the second estimate, so perhaps we get a wildly different number. We could see some volatility for the euro against the US dollar.

We also have the ZEW out of Germany; expectations there for negative 76.7 for November.
And now the US, as I mentioned earlier, it's all about that inflation figure. If it comes in hot, then it could give the Fed further ammunition to raise interest rates and equities are not going to like that.

We've also got API crude oil inventories as well, which feeds into oil prices, especially on the supply side, and that also could change the inflation outlook.

UK earnings from Vodacom, Imperial Brand, Land Securities

From the UK, still a few earnings of note. We've got Vodafone's first half, Imperial Brands out with its full year and Land Securities out with first-half numbers. Land Securities might be one that is interesting, given we've seen so much news out of the commercial retail space, especially for offices with the likes of Meta and also WeWork.

Home Depot out of the US, just grabbing that chart for you, will be the one that we are looking out for. They are out with Q3 earnings, and of course, it's a big week for US retail. We've got Walmart, Gap, Target and, of course, the countdown to Thanksgiving.

Countdown to Thanksgiving begins

Home Depot's seen posting earnings of 3.76% a share, this is on expected sales of US$37.63, that's US$37.6 billion. Home Depot, like many of its peers, is going through difficult times, though.

Historically, home improvement stocks have been negatively impacted by interest rate hikes. At the same time, Home Depot, like many other retailers, have been faced with weakening consumer demand and higher input costs, and all this, not good news for margins.

Year-to-date, Home Depot's shares have lost around 8%, and over the last 12 months, the stock is up around 1% compared to a 16% rise for the S&P 500. So, we'll get all those news in the coming session.

For now, that's it. For more market-moving news, do check out my analysis on @AngelineOng on Twitter. Angela Barnes will be on at 7.30am on early morning call to give you a hint-up to the European market opening as well. That's it for now, this is IGTV.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Find out more

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.