Skip to content

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Ahead of the game: 6 November 2023

Your weekly financial calendar for market insights and key economic indicators.

Source: Bloomberg

US equity markets soared, and bond yields fell after the Fed kept rates on hold and raised expectations that the Fed’s rate hiking cycle is over. The fall in bond yields was also supported by news that the US Treasury will slow the pace of debt issuance, which has weighed on bond markets and is used to fund government spending.

In Australia, the ASX 200 has started November with a spring in its step, doing its best to recover from the aggressive sell-off that marked the end of October. The extent of further gains will depend on next week’s RBA Board Meeting, where the interest rate market sees a 50% chance of the RBA lifting rates by 25bp to 4.35%.

  • In the US, the Fed kept rates on hold, raising expectations that its rate hiking cycle is over
  • The US ISM Manufacturing PMI surprised to the downside at 46.7 vs 49 expected
  • In Europe, inflation in October surprised to the downside, falling to 2.9% YoY from 4.3% previously
  • In the UK, the BoE kept rates on hold at 5.25% with a 6-3 vote and reiterated the higher for longer message
  • In China, the PMI for October surprised to the downside, falling to 50.7 from 52 previously
  • BoJ changed its yield curve control, replacing 1% hard cap on 10-year JGB yields with 1% reference point
  • In NZ, the unemployment rate rose to 3.9% in Q3 from 3.6% previously
  • Crude oil fell 3.44% this week to $82.61 as headlines around the Middle East continue to drive sentiment
  • Gold consolidated recent gains this week, falling 1% to $1985 ahead of the weekend
  • Wall Street's gauge of fear, the Volatility index, plunged 26.4% to 15.65 as the conflict in the Middle East remained contained.
  • AU: RBA interest rate decision (Tuesday, 7 November at 2.30 pm AEDT)
  • AU: RBA Statement on Monetary Policy (Friday, 10 November at 11.30 am AEDT)
  • CN: Trade Balance (Tuesday, 7 November at 2 pm AEDT)
  • CN: CPI (Thursday, 9 November at 12.30 pm AEDT)
  • UK: GDP (Friday, 10 November at 6.00 pm AEDT)
  • US: Michigan Consumer Sentiment (Saturday, 11 November at 2 am AEDT)
Source: Bloomberg

  • AU

RBA interest rate decision

Date: Tuesday, 7 November at 2.30 pm AEDT

At its meeting in October, the RBA kept its cash on hold at 4.10% for a fourth consecutive month. The RBA’s statement under new Governor Michele Bullock was little changed, and a tightening bias was retained.

Hawkish RBA communique, initially observed in the RBA meeting minutes released in mid-October, has put the market on notice.

“The Board has a low tolerance for a slower return of inflation to target than currently expected. Whether or not a further increase in interest rates is required would, therefore, depend on the incoming data and how these alter the economic outlook and the evolving assessment of risks.”

Considering the RBA’s more hawkish rhetoric and the run of stronger-than-expected economic data listed below, we expect the RBA to raise rates on Tuesday by 25 bp to 4.35%. However, it is expected to be a close call, particularly given global central bank peers, including the Fed and the BoE, appear to have ended their rate hiking cycles.

  • In September, the unemployment rate fell to 3.6% vs 3.7% expected
  • Q3 Inflation (Trimmed mean) increased to 5.2%YoY vs 5.0% expected
  • Q3 PPI rose by 1.8% vs 0.4% previous
  • Q2 GDP printed at 2.1% YoY vs 1.6% expected
  • Retail Sales for September increased by 0.9% vs 0.3% expected.

RBA cash rate chart

Source: RBA
  • CN

CPI

Date: Thursday, 9 November at 12.30 pm AEDT

In September, China's consumer price growth stalled at 0% YoY, reflecting weak domestic demand. Expectations are for the October CPI to revert to deflation at -0.2% from the previous 0%. Similarly, China’s producer prices are expected to turn in a deeper contraction in October at -2.9% from the previous -2.5%, marking its 13th straight month of contraction.

The inflation data likely reinforces the weaker-than-expected Purchasing Managers' Index (PMI) figures seen this week, pointing to subdued growth conditions. The series of weak economic data may further add to calls for more policy support from authorities to support the economy.

China's inflation rate chart

Source: Refinitiv
  • UK

GDP

Date: Friday, 10 November at 6 pm AEDT

In the second quarter (Q2) of 2023, GDP in the UK increased by 0.2%, following an upwardly revised 0.3% in Q1. The number was boosted by household consumption and manufacturing output.

In Q3, the market is looking for growth to fall to 0.0%, reflecting the impact of the Bank of England's aggressive rate rises and weaker than the Bank of England projected in their August report.

The softer growth profile, lower inflation and cooling labour market were behind the Bank of England's decision this week to keep rates on hold at 5.25%.

UK GDP growth rate

Source: TradingEconomics
  • US

Michigan Consumer Sentiment

Date: Saturday, 11 November at 2 am AEDT

Consumer spending makes up two-thirds of the US economy on average. The upcoming UoM consumer sentiment data will provide fresh views of how US households are holding up amongst the cost-of-living pressures of higher interest rates, and sticky inflation.

Expectations are for the preliminary consumer sentiment read for November to come in at 65.0, up slightly from 63.8 in October. Historically, a sharp decline in US consumer sentiments tends to be a harbinger of recessions. Therefore, a continued trend of improving sentiments may potentially offer some pushback against recession fears, at least for now.

Source: University of Michigan
  • US

Q3 2023 earnings season

Q3 earnings season continues with reports set to drop from companies including Uber, Walt Disney (preview), Roblox, Robinhood, Under Armour, Twilio and many more.

Economics calendar

All times shown in AEDT (UTC+10).

Source: DailyFX
Source: DailyFX
Source: DailyFX
Source: DailyFX

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. See full non-independent research disclaimer and quarterly summary.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market.

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Equities
  • Indices
  • Forex
  • Commodities
website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

" >


Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

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 spread betting and CFDs.

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