Summary:
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CB Consumer Confidence expected to drop moderately
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API data forecasted to show another decline in oil inventories
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Numerous Fed and ECB speakers may spur volatility on the FX market
Economic calendar on Tuesday looks rather thin with just two readings scheduled that have potential to move the market. The Conference Board will release its Consumer Confidence index in the afternoon while API will publish its weekly crude oil inventories estimates in the late evening. Apart from that, investors may want to stay cautious throughout the day as numerous Fed and ECB members will deliver speeches. Last but not least, the RBNZ will release six-month Financial Stability Report at 8:00 pm GMT and it will be discussed by Governor Orr at 10:00 pm GMT.
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Open account Try demo Download mobile app Download mobile app3:00 pm GMT - US, Conference Board Consumer Confidence for November. CB Consumer Confidence kept showing higher values throughout the year despite moments of weaker “hard” data prints. In fact, the index is close to its ATH reached during dot-com bubble and much higher than it was during the financial crisis peak. Last couple of readings from University of Michigan showed deterioration in consumer sentiment and traders now wonder whether CB print will finally follow through. Market consensus expects a drop from 137.9 pts to 135.5 pts.
9:30 pm GMT - API weekly crude oil stocks. Declines on the oil market seem to have no end. Just as we experience a day of gains it turns out it is just a temporary bounce and the commodity price returns to free fall mode the next day. G20 summit scheduled this week and the OPEC meeting at the beginning of December have a potential to reverse this trend. However, until then commodity traders may want to focus on inventory data as it may be a trigger for short-term price swings. Market suggests that today’s reading will show a 1.5 mb drop in inventories.
Central bank speakers scheduled for today:
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1:30 pm GMT - Fed’s Clarida
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3:00 pm GMT - ECB’s Nouy and Costa
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4:00 pm GMT - ECB’s Mersch
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5:00 pm GMT - Riksbank Deputy Governor Ohlsson
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7:30 pm GMT - Fed’s Bostic, Evan and George
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10:00 pm GMT - RBNZ Governor Orr
EURUSD failed to distance itself from the support zone ranging 1.1300-1.1330. The pair erased yesterday’s morning bounce and is testing the aforementioned zone at press time. Central bankers may trigger short-term price swings with their remarks. Source: xStation5
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