Economic calendar: US PPI and consumers sentiments in focus 📊Canadian labor market data

• European indexes record small declines before the open; some weakness is also seen in Wall Street futures trading
• Producer Price Inde (PPI) from the US (1:30 PM BST) and sentiment and inflation expectations according to Michigan in focus of markets (3 PM BST)
• Possible elevated volatility on USDCAD; market awaits Canadian labor market data (14:30)
• Results from BlackRock, J.P. Morgan, BNY Mellon and Wells Fargo ahead of the start of the US session

Today's session will bring more inflation readings from the States; yesterday's CPI data turned out to be higher than forecast, and today's PPI may say more, on whether this reading, for sure, was 'coincidentally' higher, or whether the other inflationary data are also trending towards a diminishing potential for further declines. The market will also pay attention to further comments from Fed bankers, and consumer sentiment and inflation expectations, which will tell us even more about current trends in the US economy. A rise in inflation expectations, with solid consumer sentiment, would seem particularly 'pro-dollar'.

Macro calendar

1:30 PM BST - Canada, employment change (September): 28.5k forecast vs. 22.1k previously

• Unemployment rate: 6.7% vs. 6.6% previously
• Hourly wages y/y: 4.7% forecast vs. 4.9% previous
• House building permits m/m: -6.1% forecast vs 22.1% previous

1:30 PM BST - US, PPI inflation (September): 1.6% forecast vs 1.7% prior (0.1% forecast vs 0.2% prior)

•  PPI: 2.7% forecasts 2.3% previous (0.2% forecasts and 0.3% previous)

3:30 PM BST - US, Consumer Sentiment by University of Michigan: 71 forecasts vs. 70.1 2 previously

• Expectations: 74.8 forecasts vs. 74.4 previously
• Current condition: 64 forecasts vs. 63.3 previously
• 1-year inflation expectations: 2.7% forecast vs 2.7% previously
• 5-year inflation expectations: 3% of forecasts vs. 3.1% previously

Central bankers' speeches:

• 12:45 PM BST - Fed Goolsbee, Bowman

• 3:45 PM BST- Fed Logan

• 6:10 PM BST - Fed Bowman