The Week Ahead: Key Economic Events to Watch for November 2 – 6, 2026

Overview

The first week of November brings several high-impact economic events that could influence global financial markets and currency movements. Investors will closely monitor interest rate decisions from the Reserve Bank of Australia and the Bank of England, along with key employment reports from New Zealand, Canada, and the United States. US crude oil inventory data will also provide insights into energy market conditions. Additionally, major corporate earnings announcements could contribute to market volatility throughout the week.

High Impact Economic Events

Tuesday 05:30 am (GMT+2) – Australia: Cash Rate (AUD)

Tuesday 23:45 (GMT+2) – New Zealand: Employment Change q/q (NZD)

Wednesday 17:30 (GMT+2) – USA: Crude Oil Inventories (USD)

Thursday 14:00 (GMT+2) – UK: Official Bank Rate (GBP)

Friday 15:30 (GMT+2) – Canada: Employment Change (CAD)

Friday 15:30 (GMT+2) – USA: Non-Farm Employment Change (USD)

Tuesday, November 3

05:30 am – Australia: Cash Rate (AUD)

The interest rate decision is one of the key instruments of the national monetary and credit policy of the Reserve Bank of Australia.

A higher interest rate leads to Australian dollar appreciation.

On September 29, 2026, the Reserve Bank of Australia raised interest rates by 0.25 percentage points to 4.60% to tackle stubbornly high inflation. Rising energy prices, the Middle East conflict and increasing business costs are pushing prices higher. While consumer spending and the housing market are weakening, inflation remains a major concern. The Bank aims to slow spending and bring inflation under control, warning that further interest rate increases may be needed if prices remain high.

Economists expect the RBA to raise the cash rate by 0.25 percentage points at its next meeting.

23:45 – New Zealand: Employment Change q/q (NZD)

Employment Change q/q in New Zealand is an economic indicator that measures the percentage change in the total number of employed individuals between two consecutive quarters. It reflects short-term developments in labor market conditions and provides insight into the economy’s capacity to generate employment. A positive percentage indicates employment growth, while a negative percentage indicates a contraction in employment. This indicator is commonly used to assess labor market performance, economic activity, and broader economic trends in New Zealand.

New Zealand’s unemployment rate rose to 5.6% in June 2026, its highest level in over a decade. Although employment increased by 0.5%, more people entered the workforce looking for jobs, pushing unemployment higher. The number of people wanting more work also increased, showing continued weakness in the job market. Wage growth remained low at 2%, below inflation, putting pressure on workers’ incomes. Rising unemployment may encourage the Reserve Bank to increase interest rates more cautiously.

Economists forecast a 0.4% quarter-on-quarter increase in employment in New Zealand in the upcoming report.

Wednesday, November 4

17:30 – USA: Crude Oil Inventories (USD)

The Crude Oil Stocks Change Indicator is published weekly by the Energy Information Administration (EIA). It gauges the volume (barrels) of commercial crude oil held by US companies, influencing global oil prices. Increasing stocks signal reduced oil demand, potentially leading to a decline in oil barrel prices.

For the week ending October 23, 2026, US oil refineries processed 16.5 million barrels per day, slightly less than the previous week. Crude oil imports increased to 6.4 million barrels per day, while crude oil inventories fell by 1.9 million barrels, indicating tighter supplies. Gasoline inventories increased, but diesel and other fuel stocks declined. Overall petroleum inventories fell by 3 million barrels. Total oil demand remained relatively stable compared with the previous year, although gasoline, diesel and jet fuel demand weakened slightly.

Analysts expect crude oil inventories to fall by 2.481 million barrels in the next release.

Thursday, November 5

14:00 – UK: Official Bank Rate (GBP)

The Monetary Policy Committee (MPC) sets monetary policy to achieve a 2% inflation target while supporting sustainable economic growth and employment. It adopts a forward-looking, medium-term strategy to ensure inflation remains stable and sustainable.

On September 17, 2026, the Bank of England kept its interest rate unchanged at 3.75%, with six members supporting the decision and three favoring an increase. UK inflation rose to 3.1% in August, driven partly by higher energy prices linked to the Middle East conflict. Although economic activity has been slightly stronger than expected, the labor market remains weak. The Bank aims to bring inflation back to its 2% target and may adjust interest rates if necessary.

Economists expect the Bank of England to raise the official bank rate by 0.25 percentage points at its next meeting.

Friday, November 6

15:30 – Canada: Employment Change (CAD)

Canada Employment Change shows a change in the number of officially employed Canadians in the reported month.

The indicator is used when measuring Canada’s labor market. The indicator’s growth can have a positive effect on CAD quotes.

Canada’s labor market weakened in September 2026, with employment falling by 68,000 jobs (0.3%) for the second consecutive month. The unemployment rate increased slightly to 6.5%, while the employment rate declined to 60.6%. Job losses were concentrated among young workers, women aged 25–54, and the education, healthcare, and manufacturing sectors. Quebec and British Columbia recorded significant employment declines, while Alberta experienced job growth. Despite weaker employment conditions, average hourly wages increased by 2.3% compared with the previous year.

Analysts forecast that the Canadian economy will add 14,500 jobs in the upcoming employment report.

15:30 – USA: Non-Farm Employment Change (USD)

The Nonfarm Payrolls report shows the number of new jobs added in the US across all non-agricultural sectors for a given month. An increase in this indicator can positively impact the value of the dollar.

The US labor market showed limited growth in September 2026, adding just 29,000 jobs, while the unemployment rate remained stable at 4.2%. Employment across most major industries changed little, although healthcare, construction and manufacturing recorded modest gains. Average hourly wages increased by 0.1% during the month and 3.0% compared with the previous year. Previous employment figures for July and August were revised downward by 60,000 jobs, suggesting weaker labor market conditions than initially reported.

Economists expect the economy to add 63,000 jobs in the next report.

Company Earnings (November 2 – 6)

Monday, November 2: AAPL (Apple Inc.)

Tuesday, November 3: PFE (Pfizer Inc.)

Wednesday, November 4: MCD (McDonald’s Corporation)

Conclusion

Overall, the first week of November is expected to be significant for global financial markets, with key economic releases and central bank decisions potentially driving market volatility. Interest rate decisions in Australia and the UK will provide insights into monetary policy, while employment data from New Zealand, Canada and the US will highlight labor market conditions. Investors should closely monitor these developments, as unexpected results could influence currency movements, market sentiment, and future economic expectations.