Attention on CPI releases in various countries and Quarrels? with a note: Fed Vice-Chair Lael Brainard? Actually "クウォールズFRB副議長" refers to "Quarrels" is incorrect. The correct translation for "クウォールズFRB副議長" is "Quarles, the Vice Chairman of the Federal Res
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◎ This week's key points
1)Italy budget bill revision deadline
Three weeks have passed since the European Commission asked Italy to revise its 2019 budget. The revision deadline is thought to be the 13th, and it remains to be seen whether Italy will comply and whether the European Commission will approve the budget. This is in focus.
Also, we will watch the fate of Italy’s budget and how the euro reacts.
Currently the euro is at a level where it might dip below “1.1300” against the dollar. It feels like the negative factors for Italy have been priced in quite a bit. We will gauge the euro’s reaction to any new negative news this time.
↓↓↓ For past articles on the budget, see below ↓↓↓
Moody’s rating release, Italy downgraded! — FX explained, what ratings mean
2)Progress of Brexit negotiations
Last week, Prime Minister May sought agreement on the withdrawal plan but did not obtain consent. Some reports said talks had progressed to 95%, but the sticking point seems to be the Irish border issue.
We will watch the progress of the withdrawal negotiations and whether the November EU summit will be held.
3)Trump administration and US-China relations
Last week, with the midterms over, risk-off was expected, but global stock prices ended with a sharp decline.
We will watch whether the risk-off trend continues or turns risk-on.
Also, following the midterm results, we will monitor what moves President Trump makes and whether US-China relations improve.
4)Saudi-Iran sanctions
The Trump administration has imposed sanctions on Iran. Europe has voiced opposition to this.
There are heightened concerns about sanctions related to the murder of a Saudi journalist. We will keep an eye on the potential impact of future sanctions.
◎ This week's events schedule
11/12 (Monday)
ASEAN Summit
11/13 (Tuesday)
ASEAN SummitItaly budget revision deadline
Italy budget revision deadline
04:30 USD Daily San Francisco Fed President speaks
09:30 AUD NAB Business Confidence
14:00 SEK Unemployment
16:00 EUR Germany HICP/Consumer Price Index
16:00 NOK Norway GDP
18:30 GBPChange in employment・Unemployment rate・Average earnings
11/14 (Wednesday)
ASEAN Summit
00:00 USD Kaspar Minneaplis Fed President speaks
00:00 USDCautionary remarks by Fed Governor Brainard
04:00 USD Monthly Budget Statements
08:30 AUD Westpac Consumer Confidence
08:50 JPY GDP
11:00 CNY China Industrial Production
16:00 EUR Germany GDP
16:45 EUR France HICP/Consumer Price Index
17:00 EUR Spain HICP/Consumer Price Index
17:00 CZK Czech GDP
17:00 HUF Hungary GDP
17:30 SEK Sweden CPI
18:30 GBPCPI(Consumer Price Index)
19:00 EUR Eurozone GDP and Industrial Production
22:30 USDCPI(Consumer Price Index)
11/15 (Thursday)
ASEAN Summit
00:30 USD Crude oil inventories
23:00 USDC. Quarles Fed Vice Chairman speaks(House testimony)
08:00 USDPowell Fed Chair speaks
09:30 AUDEmployment change・Unemployment rate
22:30 USDRetail sales・Philadelphia Fed Manufacturing Index
11/16 (Friday)
00:00 USDQuarles Fed Vice Chairman testimony (Senate)
04:00 MXN Mexico Policy Rate Announcement
05:00 USD Kashkari Minneapolis Fed President speaks
06:30 NZD Manufacturing PMI
17:30 EURDraghi ECB President speaks
19:00 EUR Euro area HICP/Consumer Price Index
23:15 USD Industrial Production
11/17 (Saturday)
01:30 USDEarnings Chicago Fed President Evans speaks
03:00 USD Baker Hughes Rig Count

