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Non-manufacturing ISM for November expected to show a decline
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Bank of Canada to leave rates unchanged
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ADP employment change report due at 1:15 pm GMT
8:55 am GMT - Germany, services PMI for November (final). Expected: 51.3 pts
9:30 am GMT - UK, services PMI for November (final). Expected: 48.6 pts
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Open account Try demo Download mobile app Download mobile app1:15 pm GMT - US, ADP employment change for November. ADP report on employment change is often viewed as a final hint ahead of NFP report release (Friday, 1:30 pm GMT). Report is expected to show an increase of 140k. Such a reading would be lower than the average for the first 10-months of 2019 (164k).
2:45 pm GMT - US, services PMI for November (final). Expected: 51.6 pts
3:00 pm GMT - Bank of Canada rate decision. Bank of Canada is expected to leave the main interest rate unchanged today at 1.75%. However, market odds for a rate cut in January or March 2020 stand at 30.6% and 43.6% respectively. Governor Poloz said in a recent interview that he thinks the monetary policy is about right and investors are eager to know whether he maintains this stance.
3:00 pm GMT - US, ISM non-manufacturing for November. Manufacturing ISM released on Monday showed a deterioration as it dipped to 48.1 pts. The services gauge sits way above the contraction-expansion threshold of 50 pts but has been steadily moving lower over the past year. Market expects November’s reading to show a decline from 54.7 pts to 54.5 pts
3:30 pm GMT - DOE report on oil inventories. API report released yesterday showed a 3.7 mb decline. If confirmed by today’s DOE data, it would mark the biggest decline since September. Distillate inventories are expected to rise 1.1 mb while gasoline stockpiles are seen increasing 1.7 mb.
Central bankers’ speeches
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11:15 am GMT - ECB’s Villeroy
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1:00 pm GMT - ECB’s Visco
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1:00 pm GMT - ECB’s Makhlouf
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3:00 pm GMT - Fed’s Quarles
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4:30 pm GMT - ECB’s de Cos
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