Economic calendar: FOMC, Bank of Canada and a lot of key data

• GDP report from the US economy to be released in the early afternoon

• German price growth expected to slow further

• Bank of Canada and Federal Reserve to announce rate decisions today

12:15 pm GMT - US, ADP employment change for October. ADP will release estimates of the employment change in the US today. This will be the final check ahead of the NFP report scheduled for Friday. Keep in mind that readings for October are likely to be impacted by the workers’ strike at General Motors. Market consensus expects a reading of 120k.

12:30 pm GMT - US, GDP report for Q3. The US economy could be considered relatively resistant but it also has slowed since the beginning of the Sino-US trade war. GDP report for the third quarter may provide answers whether the situation continued to deteriorate. However, one should keep in mind that this will be the first release therefore it will be to a huge extent based on estimates.

1:00 pm GMT - Germany, CPI inflation for October. Germany is the biggest euro area economy therefore its data is the most closely followed. Price growth in Germany remains lacklustre but it is higher than in the euro area as a whole. A deceleration to 1.1% YoY from 1.2% YoY is forecasted in October.

2:00 pm GMT - Bank of Canada rate decision. Unlike the Fed, Bank of Canada is expected to leave interest rates unchanged today. In case Canadian central bankers decide to stay on hold today and the Federal Reserve cuts rates, CAD will become the highest yielding currency among majors.

3:30 pm GMT - DoE report on oil inventories. API report released yesterday showed a 0.6 million barrel build in crude inventories, hinting that oil stockpiles have risen for the fourth week in a row. Attention now shifts to DoE report that is also expected to show a decline in distillate and gasoline stockpiles.

6:00 pm GMT - FOMC rate decision. The Federal Reserve is expected to deliver the third 25 bp rate cut today. Such a move is almost completely priced-in and now the question remains what the Reserve plans next. Traders should expect QE topic to be raised during Jerome Powell’s press conference (start at 6:30 pm GMT).

Central bankers’ speeches

• 5:30 pm GMT - ECB’s Lautenschlaeger

Major companies reporting earnings today

• TripAdvisor (TRIP.US)

• Starbucks (SBUX.US)

• Metlife (MET.US)

• McKesson (MCK.US)

• General Electric (GE.US)

• Facebook (FB.US)

• Dominion Energy (D.US)

• Apple (AAPL.US)