Economic calendar: Data from UK and US to steer cable

Summary:

• Three noteworthy prints from the UK economy before noon

• US to report PPI and consumer confidence

• Some central bankers on the agenda as well

9:30 am GMT - data from the UK (industrial production, trade balance, preliminary GDP): This morning we will be offered a bunch of data from the UK economy. All of the above-mentioned released will hit at the same time offering some food for thought for traders. However, keep in mind that the British currency is mainly driven by incoming Brexit revelations hence macroeconomic releases have been set aside of late. Anyway, once Brexit is resolved, the data will come back on the table again being crucial for the Bank of England in conducting monetary policy. Industrial production is expected to have grown 0.5% YoY in September, the trade balance should show a higher than previously deficit equal 11.25 billion GBP (for September as well). In turn, the consensus before a preliminary GDP print for Q3 points to 1.5% YoY compared to 1.2% YoY previously.

1:30 and 3:00 pm GMT - data from the US (inflation PPI and consumer confidence): The Fed did not alter its statement during its November meeting at all. Therefore, another hike in December seems to be a baseline scenario. Admittedly, PPI is not so eagerly watched by investors, it may offer some hints in terms of a direction for CPI (the relationship in the US has been fairly low though). The consensus indicates that PPI to have increased 2.5% YoY in October compared to 2.6% YoY in September. 90 minutes after the PPI report we will know a preliminary reading of consumer confidence for November measured by the University of Michigan. This index is expected to have slid to 98 from 98.6. At the same time inflation expectations for 1- and 5-year ahead will be revealed.

Central bankers’ speeches for today:

• 8:00 am GMT - PBoC’s Yi

• 1:30 pm GMT - Fed’s Williams

• 2:05 pm GMT - Fed’s Quarles

• 6:30 pm GMT - BoE’s Haldane