Attention to Eurozone economic indicators and Federal Reserve regional presidents' statements ~ Points of interest on November 29 and schedule ~

◎ Today’s Highlights

1）Fed Chair Remarks and the U.S. Dollar

The dollar has fallen sharply as Powell's remarks were dovish, especially indicating that the rate hikes may be nearing an end. At the October point, Powell said the neutral rate was far away, but in his latest remarks he indicated it is slightly below the neutral rate. With next year’s number of rate hikes under attention, a number of regional Fed presidents are scheduled to speak. Since the FOMC operates on a voting basis, the speeches of the presidents who will have voting rights next year are drawing attention.

2）Euro area Economic Indicators

Today, GDP and HICP (Harmonized Index of Consumer Prices) for major euro-area countries are released. Recently, concerns about economic slowdown have been raised by Draghi’s remarks. Will the euro area indicators come out strong or will they be weak again? It’s worth watching. The euro is in a weak phase. With Italy’s budget issue, continued weak indicators could lead to further euro selling.

3）Risk-on Market

U.S. stock indices rose for the third day in a row. The Dow Jones Industrial Average is up more than 600 points today. Global markets, including Asia and Europe, are showing rising stock prices. We’ll assess whether a risk-on regime has begun.

◎ Today’s Economic Calendar

11/29 (Thursday)

G20 Finance Ministers and Central Bank Governors Meeting

09:00 NZD – NBNZ Business Confidence
09:30 AUD – Private Sector Capex
15:45 CHF – Switzerland GDP
16:45 EUR – France GDP
17:00 EUR – Spain HICP / Consumer Price Index
17:00 EURDegingot ECB Vice President Lagarde Speech
17:00 EURDraghi ECB President Speech
17:30 SEK – Sweden GDP
17:55 EURGermany Unemployment Rate
19:00 EUR – Euro Area Consumer Confidence
22:00 EURGermany HICP / Consumer Price Index
22:30 USD – PCE Deflator
22:30 CAD – Canada Current Account

11/30 (Friday)

G20 Summit

04:00 USDFOMC Minutes (11/8)
04:00 USD – Mester, President of the Cleveland Fed Speech
04:00 USDEvans, President of the Chicago Fed Speech
04:00 USD – Harker, President of the Philadelphia Fed Speech
04:00 USD – Kashkari, President of the Minneapolis Fed Speech
05:00 USD – Kaplan, President of the Dallas Fed Speech
05:00 USDRosengren, President of the Boston Fed Speech
06:45 NZD – Building Consents
09:30 AUD – Private Credit
10:00 CNY – China Manufacturing PMI