- European indices ready for a higher opening
- Revised European CPI data, US second-level releases
- 4 Fed members scheduled to speak today
Futures on European indices today point to a higher opening in the Old Continent’s cash session. This comes after a bearish Asian and US session and offers yesterday’s decline a chance not to carry over into a second trading day. The US dollar has regained some strength and is now the best performing G10 currency. Meanwhile, the EUR and CHF are the main laggards. A stronger dollar puts pressure on commodity prices, leading oil and precious metal prices to a slight decline. Cryptocurrencies are also trading lower, but the size of the move is relatively small for this market.
The economic calendar for the day ahead is light. Sure, traders will be offered one version of the Eurozone CPI, but this will be a revision of the October data and should therefore not have a major impact on the markets. US data will be released in the afternoon, including housing market data for October and jobless claims. However, a number of Fed speakers expected today are more likely to trigger moves in the dollar than second-tier US data expected today.
11:00 – Eurozone, CPI inflation for October (final).
great title. First Release: 10.7% YoY
Nucleus. First version: 5.0% over one year
14:30 – United States, housing market data for October.
- Building permit. Expected: 1515k. Previous: 1564k
- Construction begins. Expected: 1410k. Previous: 1439k
2:30pm – United States, November Philadelphia Fed index. Expected: -6.0. Previous: -8.7
14:30 – United States, weekly jobless claims. Expected: 226k. Previous: 225k
16:30 – VIA Natural Gas Storage. Expected: 66 billion cubic feet. Previous: 79 bcf
Speeches by central bankers
14:00 – Fed Bullard
3:15 pm – Fed Bowman
15:40 – Maestro Fed
16:40 – Fed Kashkari
Leading US earnings reports
Alibaba Group (BABA.US) – before market opening
Kohl’s Corporation (KSS.US) – before market opening
Macy’s (M.US) – before the market opened
Ross Stores (ROST.US) – after market close
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