Summary:
- Fresh data from the US housing market will be published this afternoon
- Weekly API crude oil stocks in the spotlight
- Several central bankers’ speeches through the day
Economic calendar on Tuesday looks rather quiet as just two noteworthy readings are scheduled. First of all, investors will be offered some data from the US housing market. Moreover, oil traders will focus on weekly crude oil inventories provided by API. Apart from that, several central bankers’ speeches are scheduled.
1:30 pm GMT - US, October Housing Starts & Building Permits: The US housing market looks strong but in recent months some signs of a slowdown have become apparent. Housing starts have increased at least 1100k each month over the recent year. However, the reading of housing starts experienced a little less impressive rise bringing a value of 1201k in September. It is expected that housing starts will show a build to 1225k and building permits will show almost the unchanged dynamic (1269 vs. 1270 prev.).
9:40 pm GMT - Weekly API Crude Oil Inventories: Oil saw heavy declines during several past days. However, the commodity has found some support recently as it’s rebounded toward $65. Today the weekly change in inventories will be provided by the American Petroleum Institute. The last week’s reading showed a 8.8 mb decline in crude oil stocks.
Central bank speakers scheduled for today:
- 9:00 am GMT - ECB's Nowotny
- 10:00 am GMT - BoE’s Carney, Haldane, Cunliffe and Saunders
- 3:00 pm GMT - Bundesbank’s Weidmann
- 4:30 pm GMT - ECB’s Nouy
- 6:45 pm GMT - BoC’s Wilkins
Brent (OIL on xStation5) saw a minor rebound after weeks of declines. Today’s API release will set expectations ahead of the weekly DoE data. Source: xStation5
