Global markets are awaiting pivotal economic data, most notably U.S. inflation!

Financial markets are awaiting the release of highly significant economic data this week, amid expectations of their potential impacts on movements of major currencies, led by the US dollar, the British pound, and the euro, in addition to commodities like oil and gold, as well as digital currencies and US stocks.

At the top of this data list is the US inflation report and UK labor market data, both of which are expected to have clear implications for monetary policies and market movements.

Here is an overview of the key anticipated data:

Tuesday, November 12:

• UK Labor Market Data: This data includes the unemployment claims and average wages, which are essential for the movement of the British pound, especially amid recent declines in inflation pressures in the UK. The Bank of England is expected to closely monitor this data to determine its upcoming decisions regarding interest rates.

Wednesday, November 13:

• Australian Wage Data: This data will be released at 12:30 AM GMT, and the wage index is expected to grow by 0.9% during the third quarter. Higher-than-expected wage data could support the Australian dollar, as it would strengthen the likelihood of continued tightening monetary policy by the Reserve Bank of Australia, while lower-than-expected data could pressure the Australian currency in favor of an interest rate cut.

• US Inflation Data: This data is released at 1:30 PM GMT and is one of the key indicators relied upon by the Federal Reserve in its upcoming interest rate decisions, with current expectations indicating inflation stabilization at 2.4% for October. Thus, any reading above expectations could push the US dollar upward, while lower data could lead to its depreciation.

Thursday, November 14:

• Australian Employment Data: Markets are monitoring the Australian employment data to be released on Thursday morning, as this data is a crucial factor for movements of the Australian dollar. If the data comes in better than expected, it could support the strength of the Australian dollar and reinforce the Reserve Bank of Australia's tightening monetary policy, while weaker data could increase expectations for a larger interest rate cut.

• US Producer Price Index: This will be released at 1:30 PM GMT, and investors expect this index to provide clear signals regarding US dollar movements, especially if the results differ from expectations.

• Statements from the US Federal Reserve Chair: Jerome Powell will make statements at 8:00 PM GMT. Market traders usually closely follow Powell's statements due to his pivotal role in shaping US monetary policy, making his remarks a significant point of interest for dollar movements.

Friday, November 15:

• China's Industrial Production Index: This will be released at 2:00 AM GMT and influences investors' risk appetite in the markets, especially as they look to see signs of recovery in the Chinese economy. Current expectations indicate a growth of 5.5% year-on-year, and any reading above this could boost market confidence, while any downturn may increase caution.

• US Retail Sales: This data will be released at 1:30 PM GMT and is a key indicator for US dollar movements. If the results exceed expectations, it could support the dollar, while a decline in sales may weaken the US currency's performance.

Additionally: You can track the timing of important economic data throughout the week via the economic calendar, along with comprehensive coverage of events, news, and economic analyses.