Highlights
Canadian housing starts are expected up again at an annual rate of 240,000 units in October after bouncing back to 224,000 in September from a recent low of 213,000 in August. Housing starts have been trending down as a result of the Bank of Canada's past interest rate hikes.
The bank is in the process of gradually unwinding the 10 rate hikes totaling 475 basis points that it conducted between March 2022 and July 2023, taking the overnight rate to a 22-year high of 5% from its record low of 0.25%. Last month, the bank lowered its policy interest rate -- the target for overnight lending rates -- by 50 basis points to 3.75%, as widely expected.
The U.S. housing market index is forecast to be unchanged at 43 in November after ticking up to 43 in October from 41 in September.
Chicago Federal Reserve Bank President Austan Goolsbee will give welcome remarks before the Financial Markets Group Fall Conference hosted by the Federal Reserve Bank of Chicago at 10 a.m. EST (1500 GMT).
The Reserve Bank of Australia will release the minutes of its Nov. 4-5 meeting at 11:30 a.m. AEDT Tuesday (7:30 p.m. EST Monday/0030 GMT Tuesday). The RBA left its policy rate at 4.35% for the eighth straight meeting, as expected, after raising it by 25 basis points to 4.35% from 4.10% in November 2023. In its Nov. 5 statement, the bank repeated that underlying inflation remains too high and predicted that it would be some time yet before inflation is sustainably in the target range 2% to 3%. Policy will need to be sufficiently restrictive until the board is confident that inflation is moving sustainably towards the target range, it said.
The bank is in the process of gradually unwinding the 10 rate hikes totaling 475 basis points that it conducted between March 2022 and July 2023, taking the overnight rate to a 22-year high of 5% from its record low of 0.25%. Last month, the bank lowered its policy interest rate -- the target for overnight lending rates -- by 50 basis points to 3.75%, as widely expected.
The U.S. housing market index is forecast to be unchanged at 43 in November after ticking up to 43 in October from 41 in September.
Chicago Federal Reserve Bank President Austan Goolsbee will give welcome remarks before the Financial Markets Group Fall Conference hosted by the Federal Reserve Bank of Chicago at 10 a.m. EST (1500 GMT).
The Reserve Bank of Australia will release the minutes of its Nov. 4-5 meeting at 11:30 a.m. AEDT Tuesday (7:30 p.m. EST Monday/0030 GMT Tuesday). The RBA left its policy rate at 4.35% for the eighth straight meeting, as expected, after raising it by 25 basis points to 4.35% from 4.10% in November 2023. In its Nov. 5 statement, the bank repeated that underlying inflation remains too high and predicted that it would be some time yet before inflation is sustainably in the target range 2% to 3%. Policy will need to be sufficiently restrictive until the board is confident that inflation is moving sustainably towards the target range, it said.
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
