Summary:
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European CPI inflation expected to slow in November
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Economists point to weaker Canadian growth in third quarter
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Leaders of G20 countries will meet today in Argentina
The economic calendar on Friday looks quite thin but investors will be offered some crucial readings. First of all, the European CPI data will be released in the morning. Canadian GDP report will be published in the early afternoon. ECB and Fed speakers will round up the day. Last but not least, G20 summit starts today therefore investors may want to follow newsflow during the weekend to assess the potential impact of the event on markets.
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Open account Try demo Download mobile app Download mobile app10:00 am GMT - Euro zone, CPI inflation for November. The European Central Bank is preparing to end the asset purchase programme with the year’s end. However, subsequent tightening is not so certain as price growth in the EMU is still lacklustre. Note that yesterday’s CPI readings from Spain and Germany came in below expectations therefore today’s reading for the whole bloc may also disappoint. Market consensus suggests that the European CPI inflation will slow to 2% YoY in November.
1:30 pm GMT - Canada, GDP report for Q3. Canada is one of few major countries that publishes its GDP reports on a monthly basis. However, this time it will be a bit different as the report for the whole quarter will be released. While the Canadian economy is in major part dependant on oil, let us recall that declines on the oil market started in October therefore they will not affect today’s reading. Market consensus suggests that the Canadian economy grew at the annualized pace of 1.9% in the third quarter against previous reading of 2.9%.
Friday and Saturday - G20 summit. The most awaited event of the year’s end is finally here. Leaders of the 20 major countries will meet today in Buenos Aires. The event will last two days but the most important meeting is scheduled for tomorrow. The US President Donald Trump will meet with his Chinese counterpart Xi Jinping to discuss trade issues. Stakes are high as failure to struck a deal at this point could result in Trump levying new or stiffening current tariffs. Apart from that, Donald Trump announced yesterday that he will not meet with the President of Russian Federation, Vladimir Putin due to the situation in Ukraine.
Central bank speakers scheduled for today:
8:45 am GMT - Riksbank’s Floden
10:00 am GMT - ECB’s Mersch
12:45 pm GMT - ECB’s Coeure
2:00 pm GMT - Fed’s Williams
Yesterday’s FOMC minutes boosted USD a little but the main currency pair still managed to end the day higher. Today’s inflation print from the euro area may allow the pair to test 50-session moving average (green line) in case a positive surprise is spotted. Source: xStation5
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