Weekly Market Analysis: Nov 16 - Nov 20, 2020

The following is a weekly market analysis for November 16 - November 20:

• Mata uang The US dollar strengthened again after being pressured the previous week, due to the ongoing general election.
• Inflation figures will be the main focus, with several key releases in the UK, Eurozone and Canada.
• On the other hand, Gold is trying to rise. Technically, the penetration of the 1921.51 area can be the key to the movement of gold prices in the following week.

In the weekly market analysis for November 16-20, Eurozone GDP is seen rebounding in the third quarter, with an average increase of 12.6%, after being at -12.1%. Meanwhile, German CPI, posted a slight increase of 0.1% in November, ending three consecutive declines. The week is likely to end on a positive note. In the UK, employment numbers were stronger than expected. Wage growth jumped 1.3%, up from 0.0% previously, and this is the strongest reading since March. Jobless claims fell by 29,800, which was the first decline in four months. However, the unemployment rate rose from 4.5% to 4.8%. However, Brexit concerns remain high, as it is very unclear whether the two sides will reach a deal before the deadline of December 31, 2020.

1. Weekly Important Data

1.1 RBA Monetary Policy Meeting Minutes

Tuesday, 07:30 WIB. The RBA minutes provide details of the RBA's meeting in early November. At that meeting, policymakers kept interest rates on hold at 0.10%, a record low.

1.2 US Retail Sales

Tuesday, 8:30 p.m. WIB. Retail sales are a key measure of consumer spending, the main driver of the economy. In November, the headline reading is expected to rise to 1.9% and the core reading to rise to 1.5%. The headline reading is likely to slow to 0.5% and the core reading to 0.6%.

1.3 UK Inflation Report

Wednesday, 14:00 WIB. CPI accelerated to 0.5% in November, up from 0.2% previously. The November estimate was 0.5%. Core CPI jumped to 1.3% in October from 0.9%, matching the estimate. The estimate remained at 1.3%.

1.4 Eurozone Inflation Report

Wednesday, 17:00 WIB. Inflation remains low in the Eurozone, reflecting relatively weak economic conditions. The headline figure came in at -0.3% in October, the second straight decline. Another contraction is projected for November, with a 0.3% estimate. Core CPI is forecast at 0.2%. Both forecasts are expected to confirm the preliminary readings from earlier in the month.

1.5 Canadian Inflation Report

Wednesday, 20:30 WIB. Inflation is likely to remain at very low levels, which could reflect relatively weak economic activity. The headline reading has not posted a rise in four months. This reading is expected to rise 0.2% compared to the previous reading of -0.1%.

1.6 Australian Employment Report

Thursday, 07:30 WIB. Employment Change measures the change in the number of people employed. Job creation is a fairly important indicator of consumer spending power. Employment in Australia fell by 29,500 people (-0.2%) between October and November 2020, less than market expectations of a 38,000 decline. This forecast is expected to see a decline in the number of jobs available of around 30,000 with an estimated unemployment rate of 7.1%.

2. Technical Review

2.1 EUR/USD

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2.2 Oil

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2.3 Gold

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