Economic calendar: All eyes on FOMC!

• European indices open little changed
• FOMC rate decision in the spotlight
• US PPI report for November, weekly DOE oil report

European stock market indices launched today's cash session more or less flat. This comes after an upbeat session on Wall Street yesterday and a mixed trading during the Asia-Pacific session earlier today. USD is the best performing G10 currency, while NZD and GBP lag the most. 

A key event of the day is of course FOMC rate decision. The decision will be announced at 7:00 pm GMT and will be accompanied by release of a new set of economic projections. Fed Chair Powell will hold a post-meeting press conference at 7:30 pm GMT. Expectations are for no change in the level of interest rates.

Apart from FOMC rate decision, traders will also be offered US PPI report for November and DOE report on US oil inventories today.

1:30 pm GMT - US, PPI inflation for November.

• Headline. Expected: 1.0% YoY. Previous: 1.3% YoY
• Core. Expected: 2.2% YoY. Previous: 2.4% YoY

3:30 pm GMT - DOE report on US oil inventories.

• Oil inventories. Expected: -1.5 mb (API: -2.35 mb)
• Gasoline inventories. Expected: +2.4 mb (API: +5.8 mb)
• Distillate inventories. Expected: +1.2 mb (API: +0.3 mb)

7:00 pm GMT - FOMC rate decision

7:30 pm GMT - Fed Chair Powell holds post-meeting press conference

Asia-Pacific session ahead

• 9:45 pm GMT - New Zealand, GDP for Q3 2023
• 11:50 pm GMT - Japan, core machinery orders for October
• 0:30 am GMT - Australia, jobs report for November
• 4:30 am GMT - Japan, industrial production for October