The Week Ahead: US, Germany inflation, Cisco earnings

With the US jobs report and midterm elections now behind us, markets will turn to inflation data from the US and Germany this week, along with the UK’s gross domestic product report. Earnings releases continue, with Cisco standing out as one to watch.

US CPI

Tuesday 10 November

US headline consumer price index (CPI) is expected to rise 0.3% month-on-month in October, down from 0.6% in September. Core CPI is forecast to increase 0.2%, down from 0.3%. Neither headline nor core year-on-year figures will be available, as the CPI report wasn’t published in October last year due to the US government shutdown, leaving no comparable figures.

With markets pricing in only two more rate hikes from the Federal Reserve, hotter-than-expected CPI numbers could prompt investors to reassess those expectations and price in additional increases. That may then strengthen the US dollar against the Japanese yen.

USD/JPY has been trading sideways for some time, within a range of ¥157 to ¥159. A stronger-than-expected CPI reading could push the pair above the upper end of that range and potentially beyond ¥160. Alternatively, a cooler-than-expected report could trigger a break below support at ¥157, opening the door to a potential decline towards ¥155.

USD/JPY, March 2026 – present

Source: TradingView, 5 November 2026

Germany CPI

Wednesday 11 November

Germany’s final harmonised CPI readings are expected to remain unchanged from the preliminary estimates, showing a month-on-month decline of 0.1% and a year-on-year increase of 2.8%. Markets currently expect the European Central Bank (ECB) to raise interest rates to 3% by mid-2027. Cooler inflation readings may do little to alter that expected path, while higher-than-expected figures could prompt a reassessment. Any revisions to these figures could therefore trigger movements in EUR/USD.

The EUR/USD pair appears to be trying to establish a bottom around $1.115. If that level holds, a move higher remains possible, with a breakout above $1.125 potentially giving way for a rally toward $1.135.

However, EUR/USD still appears to be forming a head-and-shoulders pattern on the longer-term chart. With the neckline around $1.135 already broken, that level is likely to act as resistance, while the pattern suggests that the pair’s decline may not be over. A drop below $1.115 could signal another move lower, potentially triggered by a cooler-than-expected inflation reading that leaves the ECB rate-hiking schedule unchanged.

EUR/USD, March 2025 – present

Source: TradingView, 5 November 2026

Cisco Q1 earnings

Thursday 12 November

Nasdaq-listed networking company Cisco Systems is expected to report fiscal first-quarter 2027 earnings growth of 32.5% year-on-year to $1.32 a share, while revenue is forecast to rise by 21.7% to $18.1bn. Gross margins are expected to decline to 65.5%, from 66.3% in Q4. For the fiscal second quarter, analysts forecast earnings growth of 17.8% to $1.23 a share, while revenue is expected to increase by 16.4% to $17.9bn, with gross margins contracting further to 64.6%.

The options market is pricing in a post-earnings move of approximately 9% in either direction. Options positioning appears somewhat bearish. If the company’s results meet expectations and implied volatility falls after the announcement, dealer hedging flows could unwind, potentially supporting a rally in the shares. Options positioning shows a concentration of calls at $110, which may act as resistance, alongside a concentration of puts at $80, which may act as support.

The stock has fallen sharply in recent weeks but appears to be approaching oversold conditions, with the relative strength index nearing 30 and the share price approaching the lower Bollinger Band®. This suggests that the stock could be due for a rebound or a period of sideways consolidation. Should the shares rebound, they could move towards the 20-day moving average near $108. If the decline continues, however, the next meaningful level of technical support may not emerge until around $88.

Cisco share price, February 2026 – present

Source: TradingView, 5 November 2026

Economic & company events calendar

Major scheduled data releases, plus selected UK, US and other listed company results:

Monday 9 November

• Australia: Westpac consumer confidence (November)

• China: Consumer price index, producer price index (October)

• Eurozone: Eurogroup meeting, Sentix investor confidence (November)

• Germany: Trade balance (September)

• Japan: Current account (September)

• UK: Bank of England Governor Bailey speech

• Results: Ferguson (Q3), Kainos (HY), KKR (Q3), NRG Energy (Q3), Occidental Petroleum (Q3), Public Policy Holding (Q3), SRT Marine Systems (FY), Take-Two (Q2)

Tuesday 10 November

• China: Imports, exports, trade balance (October)

• Japan: Current account (September)

• UK: BRC like-for-like retail sales (October)

• US: ADP employment change (4-week average), CPI (October)

• Results: Avon Technologies (FY), Caledonia Investments (HY), CoreWeave (Q3), On Holding (Q3), Oxford Instruments (HY), Princes (Q3), Sea (Q3), TransDigm (Q4), Venture Global (Q3), Vodafone (HY)

Wednesday 11 November

• Germany: CPI (October)

• US: Veterans Day

• Results: Castings (HY), Corteva (Q3), CuriosityStream (Q3), EnerSys (Q2), Fuller Smith & Turner (HY), ICG (HY), InMode (Q3), James Cropper (HY), Motorpoint (HY), OptimizeRx (Q3)

Thursday 12 November

• Australia: Consumer inflation expectations (November)

• UK: Gross domestic product (Q3), industrial production, manufacturing production (September)

• US: Existing home sales (October), initial jobless claims (weekly), monthly budget statement (October)

• Results: Applied Materials (Q4), B&M (Q2), Burberry (HY), Cisco Systems (Q1), Nu Holdings (Q3), QinetiQ (HY), StoneCo (Q3), Tetra Tech (Q4), United Utilities (HY)

Friday 13 November

• Eurozone: GDP, employment change (Q3)

• US: PPI (October)

• Results: Land Securities (HY)

Note: While we check all dates carefully to ensure that they are correct at the time of writing, the above announcements are subject to change.