When it comes to navigating the world of foreign exchange and international payments, knowledge is your best ally. That's why we've compiled a guide to the key dates and financial events in November 2024 to be aware of when making cross-border payments.
Whether you're a seasoned trader or just dipping your toes into the financial waters, understanding these economic indicators can make a significant impact, and allow you to make informed financial decisions.
Read on to stay informed and discover how we can empower your international financial transactions, or visit our Economic Calendar for November.
For the first of the month, the US job numbers will be in focus ahead of the next week's elections. Due to severe weather conditions, October was marred, so a miss on the numbers wouldn't be too surprising. In general, the market reaction on the US dollar will likely be muted going into election week.
A big week due ahead with the anticipated US elections, as well as interest rate decisions from Australia, the UK, and the US.
The US dollar performed exceptionally well over October, as markets positioned themselves for a Donald Trump win, so a win for Kamala Harris will shock markets and we could see the US dollar weaken on this.
The Federal Reserve (Fed) and the Bank of England (BoE) are widely expected to cut rates by 25 bps, as priced in by the markets, but communication on future policy will be key for the direction of each currency. Following on from the previous week's Autumn Budget, it will be interesting to hear if the BoE have been swayed as a result or whether they continue to focus on domestic data in their easing policy.
The Reserve Bank of Australia (RBA) are not expected to cut rates.
Expected job numbers and first estimates of third quarter growth from the UK will be key this week from sterling's point of view.
Recent commentary from Fed speak has alluded to the idea that the Fed could potentially be open to skipping a rate cut in their easing policy, so a higher-than-expected CPI and PPI number could cement this notion and prove to be positive for the US dollar.
UK CPI numbers will take focus this week. Governor Bailey stated in October that the BoE could be more active in cutting rates, should inflation fall faster than expected. Soft numbers and markets could well add to rate cut bets. If so, then we would expect the pound to suffer.
Flash PMI numbers are also due out from the UK, EU, and the US.
Eurozone CPI will be key this week for the euro.
October was a poor-performing month for the single-bloc currency, as markets added to bets of a 50bps rate cut by the European Central Bank (ECB) in December.
However, these odds have been reducing following stronger-than-expected growth and CPI numbers in October. A release of soft numbers and odds could rise again to pile pressure on the euro again. We have second estimates of US GDP for the third quarter as well.
Now that you're aware of the key economic events taking place in 2024, let's talk about how Equals Money can elevate your international payments experience. Our service is designed to make your life easier and transactions smoother.
In conclusion, staying informed about key economic calendar indicators, events, and dates is vital for making informed financial decisions. Whether you're monitoring GBP, EUR, or USD, these dates can significantly impact your currency exchange rates.
For the dates, events, and economic indicators that matter most to businesses, investors, and economic enthusiasts. Our Economic Calendar offers comprehensive insights into the meaningful indicators influencing market movements and FX rates across the UK, US, and EU.
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