Economic calendar: GBP waits for Carney and construction PMI

Summary:

• UK construction PMI expected to slide in November

• API oil inventory estimates may produce short term movement ahead of OPEC meeting

• Some members of major central banks scheduled to speak

Economic calendar on Tuesday looks a bit thin as just two noteworthy readings are scheduled for release. Investors will be served the UK construction PMI in the morning while API will offer its oil inventory estimates in the late evening. Central bankers’ speeches round up the calendar with Mark Carney’s hearing in the UK parliament being in the spotlight.

9:30 am GMT - UK, Construction PMI for November. While markets attention is dragged to Brexit and dready scenarios shown in the BOE stress tests, the UK manufacturing PMI unexpectedly pushed significantly higher in November. Nevertheless, GBP failed to produce any bigger movement from that. Pound traders will have another chance to do that today as the gauge for construction sector will be released. Market consensus points to slide from 53.2 pts to 52.5 pts.

9:40 pm GMT - API weekly crude oil stocks. A steep sell-off on the oil market was halted this week as optimism spurring from G20 summit as well as production cut announcements fend off the bears. While the OPEC meeting scheduled later this week is the main point of interest when it comes to oil this week, investors may use regular inventories data to take advantage of short term volatility. API estimates will be released today in the evening and they are expected to show a 1 mb build.

Central bank speakers scheduled for today:

• 8:00 am GMT - Riksbank Deputy Governor Per Jansson

• 9:15 am GMT - BOE Governor Carney

• 3:00 pm GMT - Fed’s Williams

• 3:30 pm GMT - Riksbank’s Skingsley

• 6:00 pm GMT - BOE’s Vlieghe

After painting three consecutive lower highs GBPUSD pulled back towards the support zone below 1.2700 handle. The pair remains pressured by uncertainty surrounding Brexit process and vote. Today’s data and Carney’s speech may offer relief for GBP bulls. Source: xStation5