Super data week is upon us, investors should stay tuned

Global economic data and events have been intense this week, and here are some key takeaways:

In the US, a series of economic data will be released, including factory orders, trade balance, ISM non-manufacturing PMI and S & P's final global PMI. In addition, the market will also pay attention to weekly jobless claims, the preliminary value of the University of Michigan Consumer Confidence Index in November and inflation expectations data.

(One-hour chart of the US dollar index)

In China, market attention will be focused on the November 4-8 meeting of the Standing Committee of the National People's Congress in anticipation of the details of the fiscal stimulus package announced at the end of the meeting. In addition, Caixin's October services PMI, Thursday's trade data and Saturday's inflation data will also be the focus of market attention.

In the UK, the Bank of England's monetary policy report and meeting summary will still have an impact on market expectations, despite the budget report slightly lowering expectations for the Bank of England to cut interest rates by 25 basis points to 4.75% on Thursday. There are no important economic data to be released in the UK this week.

The Reserve Bank of Australia is expected to leave its benchmark interest rate unchanged at 4.35% for the eighth consecutive time at its meeting on Tuesday, and all economists surveyed expect rates to remain unchanged, reflecting caution about strong economic activity and persistent core inflation. However, the RBA is likely to fine-tune its hawkish stance, with most economists expecting the RBA to cut rates for the first time in February 2025.

The Eurozone will release a range of economic data, including factory orders for the European Union and Germany, the final October PMI reading, eurozone retail sales and German industrial production. Japan this week has only the final PMI reading due to holidays and the Bank of Japan's September meeting notes, the latter being watched but less important than the Bank of Japan's October 31 policy decision. Canada will release the Ivey PMI and employment data for October in addition to the meeting notes of the October 23 policy meeting. New Zealand will release third-quarter employment data and the central bank's financial stability report.

In the gold market,foreign exchange trading platformAccording to the gold survey, 17 analysts participated in the survey. Most of them are still bullish on the future of gold, but the proportion of bullish is reduced. Of these, 9 experts (53%) predict that the price of gold will rise in the coming week, 6 analysts (35%) predict that the price of gold will fall, and the remaining 2 analysts (12%) are on the sidelines, watching the election and the policy move of the Federal Reserve.

In the online poll, 85 retail traders (61%) of 139 participants expected gold prices to rise in the coming week, 31 retail traders (22%) expected prices to fall, and 23 other investors (17%) expected prices to remain stable.