WEEK AHEAD: Don't Discount Light Data Calendar Ahead

*Light calendar week flags lower vol.
*Major data releases ahead and what to expect
*Soft landing for German Mfg?

While a light calendar week tends to see price action and sentiment dominated by broader themes in US-China trade and the UK election, it'd be remiss not to flag some key releases we're still closely monitoring and that could prove more impactful than expected across G10 FX.

Key data releases

AEDT	Event	Instrument	Impact	Comments
Tue 19/11, 11.30am	RBA Nov. Minutes	AUD	Low	Look out for QE hints and how impactful last week's disappointing jobs report could be.
Wed 20/11, 12.30am	US Oct. Housing Stars	USD	Low	Est. 1.32m; prior month 1.256m.
Thu 21/11, 12.30am	Canadian Nov. CPI m/m	CAD	Med	Inflation figures have missed in the prior two months demonstrating less follow-through to a tighter labour market.
Thu 21/11, 6am	US Nov. FOMC Minutes	USD	Med	Expected to show members broadly agreed on last rate cut. Standby for more repo insights.
Thu 21/11, 11.30pm	ECB Nov. Minutes	EUR	Low	Given the ECB have been quiet and away from the spotlight as of late, we feel this is worth looking out but don't expect a massive reaction.
Fri 22/11, 7.30pm	German Nov. Flash Mfg & Serv. PMI	EUR	High	Expected to stabilise but not show any significant rebound. Mfg: est. 42.9; prior month 42.1. Serv: est. 52; prior month 51.6.
Fri 22/11, 8pm	Euro Nov. Flash Mfg & Serv. PMI	EUR	High	Mfg: 46.4; prior month 45.9. Serv: 52.4; prior month 52.2.
Sat 23/11, 12.30am	Canadian Sep. Retail Sales	CAD	High	Domestic consumption is being closely watched by the BoC. A miss weighs on hawkishness especially since they printed negative in Aug. Retail Sales.
Sat 23/11, 1.45am	US Nov. Flash Mfg PMI	USD	Med	Est. 51.5; prior month 51.3.

Soft landing to help EUR bulls

With Germany narrowly avoiding a technical recession last week and Brexit confidence faring better than in previous times, we could see German manufacturing surveys deliver more positive sentiment than the previous month. It doesn't mean German manufacturing is out of the hole yet but does suggest stabilisation could be seen going forward from here. Relative to spot, the next level of resistance for EURUSD is around 1.1160 (+100pips) while support sits a touch below Nov. lows of 1.1 (-60pips).