3 markets to watch next week (24.11.2023)

The year is slowly coming to a close and the final month of 2023 will begin next week. Traders will be offered a number of interestin releases next week. Those include flash CPI readings from Europe, RBNZ rate decision and Canadian labour market report. Last but not least, OPEC+ is set to meet to decide on output next week. Be sure to watch USDCAD, EURNZD and OIL in the week ahead!

USDCAD

As the beginning of a new month has come, it is time for release of monthly jobs market data from Canada. Report will be published on Friday, 1:30 pm GMT so USDCAD traders should keep on guard. While jobs data will be the most closely watched on this week, the pair may also see some moves on Thursday, 1:30 pm GMT when US PCE data for October and Canadian Q3 GDP report are released as well as on Friday, 3:00 pm GMT when US manufacturing ISM data for November is published.

EURNZD

EURNZD may see some moves next week as traders will be offered flash CPI data for November from Europe as well as a rate decision from RBNZ. RBNZ is expected to hold interest rates unchanged when it announces its decision on Tuesday, 1:00 am GMT. Expectations for German and eurozone inflation data are for reports to show a deceleration in price growth in November. However, Spanish CPI is seen accelerating. Nevertheless, ECB members have already strongly hinted that rate hikes in euro area are over unless a major surprise in the data is present.

OIL

OPEC+ was scheduled to meet on Sunday, November 26 to decide on output levels, but the meeting was delayed until Thursday, November 30 amid disagreements over production quotas for African countries. Delay has raised concerns that agreement between oil producers may be showing cracks. Oil took a hit on the news but has recovered part of the move after Saudi Arabia and Russia assured that details are being worked out. Nevertheless, uncertainty around the meeting's outcome suggests that oil may be set for a volatile session on Thursday.