CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Economic calendar: BoC rate decision in the spotlight

07:49 7 December 2022
  • European indices set to open lower

  • China relaxes Covid restrictions

  • Bank of Canada expects to deliver 50 bp rate hike

Risk aversion on the markets has clearly picked up this week with US indices finishing over 1% lower for the second day in a row yesterday. Equities from Asia-Pacific also performed poorly. Announcement of relaxation of Covid curbs in China provided only a brief relief and it was mostly limited to Chinese equities. European index futures also point to a slightly lower opening of the cash session on the Old Continent. Recessionary fears seem to be intensifying with equities underperforming and oil trading at level not seen since the turn of 2021 and 2022.

Economic calendar for the day ahead is light but includes some noteworthy releases. European GDP reading for Q3 2022 will be a second revision and therefore it is highly unlikely that it will show any major deviation from preliminary releases. CAD traders may see some action in the afternoon as Bank of Canada is set to announce a rate decision at 3:00 pm GMT. Market expects a 50 bp rate hike, to 4.25%, what would be a second 50 bp move in a row. Last but not least, oil traders will tune in for DOE report on 3:30 pm GMT after API estimates suggested a deep plunge in US oil inventories.

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10:00 am GMT - Euro area, GDP report for Q3 2022 (third release). Second release: 0.2% QoQ

3:00 pm GMT - Bank of Canada rate decision

3:30 pm GMT - DOE report on oil inventories

  • Oil inventories. Expected: -3.9 mb (API: -6.4 mb)

  • Gasoline inventories. Expected: +2.9 mb (API: +5.9 mb)

  • Distillate inventories. Expected: +2.1 mb (API: +3.6 mb)

Central bankers' speeches

  • 7:10 am GMT - ECB Lane

  • 11:00 am GMT - BoE Evans

  • 2:30 pm GMT - ECB Panetta

  • 9:45 pm GMT - RBA Jones

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