Summary:
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Q3 GDP report revisions from the UK and the US
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Swedish retail sales seen advancing after last month’s drop
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US PCE inflation expected to tick higher
On the final trading day of the week investors will be offered a few readings from the World’s biggest economies. Retail sales from Sweden will launch the marathon followed by revision of the UK GDP report for Q3 (9:30 am GMT). In the afternoon a range of data from the United States as well as the monthly GDP report from Canada will be published.
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Open account Try demo Download mobile app Download mobile app8:30 am GMT - Data from Sweden. Riksbank unexpectedly raised interest rates yesterday from 0.5% to 0.25%. Moreover, the central bank announced that another hike will be coming in the second half of the next year and after that rates will leave the negative territory. SEK traders should watch incoming data to see whether there will be reasons for central bankers to change their minds. Today’s retail sales reading is expected to show a 0.6% MoM advance.
1:30 pm GMT - Data for Q3 from the United States. The US durable goods orders are expected to have increased in November by 1.6% MoM after a steep 4.3% MoM plunge in October. The core gauge (excluding transportation) is forecasted to show a 0.3% MoM advance. Apart from that, investors will be served third reading of the US GDP for Q3 and it is expected to remain at the level from previous reading (3.5% QoQ).
1:30 pm GMT - GDP report for October from Canada. Oil prices were falling throughout October possibly hitting the Canadian economy. Median estimate of analysts’ surveyed by Bloomberg agency suggests that the growth in October reached 0.2% MoM after previously falling 0.1% MoM in September. Lacklustre performance of the oil prices may pressure Canada in the months to come.
3:00 pm GMT - PCE inflation for November from the United States. PCE inflation is the measure used by the Federal Reserve in the process of inflation targeting. However, the markets do not use to react to its release as strongly as to CPI due to the fact that the latter is usually published earlier. Nevertheless, it is wise to keep it in mind as well. PCE inflation is expected to reach 1.9% YoY in November.
3:00 pm GMT - University of Michigan data for December. As this will be the second release of the UoM data for December one should not expect major deviations from the initial reading and in turn any significant price swings. The sentiment gauge is expected to come in at 97.4 pts.
EURUSD finally broke above the 50-session moving average (green line on the chart above) earlier this week. The main currency pair is heading towards the resistance zone ranging 1.151-1.154. Source: xStation5
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