The Economic Calendar: Important events to look out for in November

Crypto and other financial markets are hard to predict, but some events trigger the markets more than others. You can stay updated with market movements by making a note of the following important economic dates in your November calendar. 

? October recap

Bitcoin and other cryptocurrencies started the month with a short-lived rally that pushed the price of Bitcoin above $28,000, from where it retraced in the following days to eventually settle around $27,500. 

Avalanche (AVAX) saw a notable price bump of 7% on 5 October, around the same time that there was a spike in network activity thanks to the launch of a new SocialFi app on Avalanche. 

The crypto market gradually backtracked until 11 October, when Bitcoin reached a monthly low of $26,626. This was followed by a notable spike in price in many of the larger-cap cryptocurrencies during 15 and 16 October. The increase in trading activity coincided with a quickly-refuted statement on X that the Securities and Exchange Commission (SEC) in the US gave the go-ahead for a much-anticipated Bitcoin spot exchange-traded fund (ETF). When the dust settled, Bitcoin was still trading above $28,000. 

The last week of October saw the price of Bitcoin push to a yearly high of $35,000 before settling around $34,000. Many other large-cap cryptocurrencies followed the momentum.

What’s on in November?

What: Federal Reserve Bank interest rate decision

? When: Wednesday, 1 November 

Relevance: Financial markets often react sensitively to interest rate decisions. Lower interest rates can stimulate economic activity and boost stock markets, while higher rates can have the opposite effect.

What? US ISM Services Purchasing Managers’ Index (PMI)

? When? Wednesday, 1 November

Relevance? The US ISM Services PMI measures the health of the American services sector, which includes industries like healthcare, retail, and hospitality. Investors pay close attention to these numbers because the services sector makes up a significant portion of the US economy.

What? Bank of England (BoE) interest rate decision

? When? Thursday, 2 November

Relevance? Central banks worldwide typically announce their interest rate decisions after the Federal Reserve’s announcement, as they closely monitor the Fed’s moves, given its global economic influence. 

What? US unemployment rate and non-farm payrolls

?  When? Friday, 3 November

Relevance? US unemployment numbers serve as a critical indicator of the overall health of the US economy. 

What? UK Gross Domestic Product (GDP) numbers

?  When? Friday, 10 November

Relevance? Investors closely monitor GDP number releases from the as they can provide key insights into the overall health and performance of the UK economy.

What? US inflation rate numbers + US Consumer Price Index (CPI)

?  When? Tuesday, 14 November

Relevance? The inflation rate in the US will decide the Fed’s plans with interest rates. High inflation may call for further rate hikes, while signs of inflation slowing may lead to a pause or even a decrease in interest rates. 

What? UK inflation rate numbers 

?  When? Wednesday, 15 November

Relevance? The inflation rate in the UK will decide the Bank of England’s plans with interest rates. High inflation may call for further rate hikes, while signs of inflation slowing may lead to a pause or even a decrease in interest rates. 

What? The Federal Open Market Committee (FOMC) minutes 

? When? Wednesday, 22 November 
Relevance? The FOMC minutes provide valuable insights into the thinking of the Federal Reserve Bank regarding the way forward with interest rates.