Economic calendar: FOMC and ECB minutes this week!

• European indices set to open little changed

• German PPI with a massive drop in October 2022

• RBNZ rate decision, FOMC and ECB minutes later in the week 

European index futures point to a slightly lower or flat opening of today's cash session on the Old Continent. Cryptocurrencies are trading lower but has bounced off the daily lows. Precious metals pull back amid USD strengthening while oil recovers from overnight losses. USD and CAD are the best performing major currencies while AUD and NZD lag the most. 

Economic calendar for today is empty as the only noteworthy release - German PPI inflation for October - was already released at 7:00 am GMT. The report showed a massive deceleration in German producer's inflation with headline gauge dropping from 45.8 to 34.5% YoY (exp. 41.5% YoY). On a month-over-month basis inflation dropped 4.2% MoM - the first monthly drop since May 2020 and the largest negative reading on the record. 

However, there are plenty of interesting releases scheduled for the later part of the week. Investors will be offered FOMC and ECB minutes as well as rate decisions from RBNZ, Riksbank and CBRT. Last but not least, traders should keep in mind that US Thanksgiving holiday will make liquidity thinner on Thursday and Friday.

Key events in the later part of the week

Tuesday

• 9:00 am GMT - Poland, jobs data for October

• 1:30 pm GMT - Canada, retail sales for September

• 9:40 pm GMT - API report on US oil inventories

Wednesday

• 1:00 am GMT - RBNZ rate decision

• 8:15 am GMT - France, flash PMIs for November

• 8:30 am GMT - Germany, flash PMIs for November

• 9:00 am GMT - Euro area, flash PMIs for November

• 9:30 am GMT - UK, flash PMIs for November

• 1:30 pm GMT - US, durable goods orders for October

• 2:45 pm GMT - US, flash PMIs for November

• 3:30 pm GMT - DOE report on oil inventories

• 7:00 pm GMT - FOMC minutes

Thursday

• US Thanksgiving holiday

• 8:30 am GMT - Riksbank rate decision

• 9:00 am GMT - Germany, Ifo index for November

• 11:00 am GMT - CBRT rate decision

• 12:30 pm GMT - ECB minutes