Momentum Returns to Markets as the Dollar Strengthens on Strong US Data
Last week began quietly, with limited economic data released on Monday and Tuesday. However, Manufacturing PMI in the United States continued to decline, recording a reading of 48.7.
On Tuesday, President Lagarde announced that Bulgaria will adopt the Euro on 1 January 2026. Small and medium-sized Bulgarian enterprises are expected to save roughly one billion levs annually from conversion costs alone.
On Wednesday, attention turned to the United States as employment change and services PMI data exceeded expectations, reinforcing the momentum of a strong dollar.
In the UK, the Bank of England announced its interest rate decision on Thursday, keeping rates unchanged at 4%. Prior to this, the Bank had been lowering rates every three months since beginning its rate-cutting cycle in August 2024.
Looking ahead, this week will be dominated by UK and US data. Claimant count and employment figures will provide an indication of current conditions in the labour market, while President Lagarde is scheduled to speak on behalf of the ECB on Tuesday morning.
UK GDP figures will be released on Thursday, followed by US inflation data later that afternoon. Current US inflation stands at 3% and is not expected to change.
In Europe, GDP is expected to remain steady, with data due on Friday. US retail sales and PPI figures will follow shortly after.
Upcoming Data Releases
Monday, 10 November
5:00 AM – USD – Veterans Day
7:00 AM – GBP – Claimant Count Change
7:00 AM – GBP – Employment Change
7:00 AM – GBP – ILO Unemployment Rate
8:20 AM – EUR – ECB President Lagarde Speech
Thursday, 13 November
7:00 AM – GBP – Gross Domestic Product (YoY) (Q3, Preliminary)
1:30 PM – USD – Consumer Price Index (YoY) (Oct)
1:30 PM – USD – Consumer Price Index ex Food & Energy (YoY) (Oct)
Friday, 14 November
10:00 AM – EUR – Gross Domestic Product s.a. (YoY) (Q3, Preliminary)
1:30 PM – USD – Producer Price Index ex Food & Energy (YoY) (Oct)
1:30 PM – USD – Retail Sales (MoM) (Oct)
Why this matters
This week’s data releases could spark sharp moves in currency markets. For businesses and individuals with upcoming FX needs, even small shifts can have a meaningful impact on costs and margins. Our team can help you manage the risks and position yourself to benefit from opportunities.
📞 020 3876 5432 | 📧 [email protected]