Economic calendar: Focus on inflation data from Europe and the US

• Euro area CPI expected to slow to 1.1% YoY

• Italian GDP data forecasted to show recession in Q3

• US PCE inflation seen at 1.7% YoY in September

9:00 am GMT - Poland, CPI inflation for October. Expected: 2.5% YoY (2.6% YoY previously)

10:00 am GMT - Euro area, CPI inflation for October. German and Spanish CPI data released yesterday came in better than expected with the former showing just slight deceleration and the latter staying unchanged. Reading for the whole euro area is expected to show a slowdown from 1.2% YoY in September to 1.1% YoY in October.

11:00 am GMT - Italy, GDP for Q3. Expected: -0.1% QoQ and 0.2% YoY.

12:30 pm GMT - Canada, GDP report for August and industrial production for September. The Bank of Canada kept interest rates unchanged yesterday but hinted that resilience of the Canadian economy will be tested. CAd moved lower in response but will have a chance to recover today. Monthly GDP data is expected to show a 0.2% MoM increase.

12:30 pm GMT - US, PCE inflation for September. The US GDP report released yesterday turned out to be better-than-expected. USD traders will focus on the PCE inflation data today. It is expected to show 1.7% YoY. Personal income and spending data for September will be released simultaneously.

12:30 pm GMT - US, weekly jobless claims. Expected: 215k (212k previously)

1:45 pm GMT - US, Chicago PMI for October. Expected: 48 (47.1 previously)

Central bankers’ speeches

• 8:00 am GMT - ECB’s Guindos

• 3:30 pm GMT - SNB President Jordan

Major companies reporting earnings today

• Regeneron Pharmaceuticals (REGN.US)

• Marathon Petroleum (MPC.US)

• Altria (MO.US)

• Cigna (CI.US)

• Bristol-Myers Squibb (BMY.US)

• Activision Blizzard (ATVI.US)

• American International Group (AIG.US)

• Archer-Daniels-Midland (ADM.US)