Economic Calendar: two events will shake global markets this week 📌

This week, global markets' attention will be focused on two key events. On the night from Tuesday to Wednesday, we will learn who the new President of the USA will be. Meanwhile, on Thursday, the FOMC Committee will make its decision regarding interest rates in the new political environment.

Particularly high volatility may be observed in the forex market, U.S. Treasury yields, and U.S. stock indices. Already on Monday morning, we are witnessing a significant drop in the dollar's value in the currency market. The UDXIDX index is losing 0.50% at the time of publication, a result of rising odds for a victory of the Democratic presidential candidate, Kamala Harris. Speculators who previously bet on Trump's win are now taking profits, and just before the official election, we are seeing much higher betting volumes and significant changes in odds. Fundamentally, however, little has changed.

Beyond this, it will also be worth watching the final PMI data for the service sector, which will be released on Tuesday, and the BoE's interest rate decision on Thursday.

Detailed weekly calendar:

November 4, Monday:

• 08:00-09:00 GMT AM - Eurozone countries, Manufacturing PMI
• 15:00 GMT PM - USA, Durable Goods Orders

November 5, Tuesday:

• 01:45 GMT AM - China, Caixin Services PMI
• 07:45 GMT AM - France, Industrial Production
• 09:30 GMT AM - UK, Services PMI
• 15:00 GMT PM - USA, ISM Services Report
• U.S. Presidential Election

November 6, Wednesday:

• 07:00 GMT AM - Germany, Industrial Orders
• 08:00-09:00 GMT AM - Eurozone countries, Services PMI
• 12:00 GMT AM - USA, Mortgage Applications
• 14:45 GMT PM - USA, Services PMI

November 7, Thursday:

• 07:00 GMT AM - Germany, Industrial Production
• 10:00 GMT AM - Eurozone, Retail Sales
• 12:00 GMT AM - UK, BoE Interest Rate Decision
• 19:00 GMT PM - USA, FOMC Interest Rate Decision

November 8, Friday:

• 13:30 GMT PM - Canada, Unemployment Rate
• 15:00 GMT PM - USA, UoM Report