Summary:
- Inflation report from Eurozone to draw attention during European trading hours
- ADP report on the agenda in the early afternoon
- Weekly DOE report is expected to show another build
Economic calendar on Wednesday looks rather quiet as just a few noteworthy readings are scheduled for today. Investors will be offered some readings, including unemployment and inflation data, from the Eurozone this morning. Later on, investors will focus on the ADP employment data ahead of NFP release on Friday. Apart from that, oil traders’ attention will be attracted by the weekly crude oil stocks data. Let us note that the monthly Canadian GDP print for August is scheduled at 12:30 pm GMT.
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Open account Try demo Download mobile app Download mobile app10:00 am GMT - Eurozone, Inflation for October and unemployment rate for September. Data from the Eurozone is the first important datapack scheduled for today.. However, earlier inflation data from Italy and Portugal will be published and investors may combine it with yesterday’s readings from Spain and Germany to get a gist of what EMU print may look like. Let us recall that both German and Spanish readings came in above estimates. Market consensus points to an acceleration from 2.1% YoY to 2.2% YoY. The unemployment rate is expected to remain at previous 8.1%.
12:15 pm GMT - US, ADP National Employment Report for October. Another important reading scheduled for today is employment report from the US economy. ADP data will be released today in the early afternoon, ahead of a well-known NFP report scheduled on Friday. Today’s report could be used as a hints before Friday’s publication. Market consensus suggests that the reading will show 189k increase in employment, somewhat below the average from the past couple of months..
2:30 pm GMT - US, Weekly DOE Crude Oil Stocks. The situation on the oil market have settled down lately with oil prices pulling back from their multi-year highs. However, outlook is unclear as threats concerning oil market, especially these ones related to the Iranian oil exports, are still vivid. As usual on Wednesday investors will be offered data concerning the US oil stockpiles. It is expected that crude oil stocks increased by 3.7 mb against a 6.3 mb rise seen previously.
Central bank speakers scheduled for today:
- 9:00 am GMT - ECB’s Nowotny
- 9:00 am GMT - ECB’s Hansson
- 9:05 am GMT - ECB’s Nouy
- 9:30 am GMT - ECB’s Visco
- 11:00 am GMT - Riksbank’s Ingves
- 12:15 pm GMT - Norges Bank’s Olsen
- 5:15 pm GMT - SNB’s Jordan
- 8:15 pm GMT - BoC’s Poloz and Wilkins
Brent (OIL on xStation5) continues its pullback from the multi-year high. However, the price action eased in the $75.50-77.00 area suggesting that another bulls’ attack cannot be ruled out. Source: xStation5
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