Today, market participants are waiting for news for the UK, Germany, the eurozone, the US and Canada. Inflation Report Hearings are 11:00 am (all times stated in GMT+2) in the UK. Members of the Monetary policy Committee and the Governor of the Bank of England will comment on the UK inflation and economic situation.
Then, at 11:30 am, Consumer Price Index and Core Consumer Price Index statistics for October are released. According to the forecast, on the annual basis, the CPI will grow slightly from -0.1% to 0.0%, while the Core CPI will remain unchanged at 1.0%. UK inflation has been very low for quite a long time due to a decline in oil, commodity and food prices. If the forecasts are confirmed, the GBP may get short-term support.
ZEW Economic Sentiments for Germany and the eurozone are released at 12:00 pm. Both indicators are expected to grow in November: from 1.9 to 5.5 points for Germany and from 30.1 to 35.2 points for the eurozone that may strengthen the EUR.
The US, in its turn, publishes Consumer Price Index for October at 3:30 pm. On the annual basis, a rise from 0.0% to 0.1% is expected. In this case, the USD will get support. October’s Industrial Production is due at 4:15 in the US. Analysts forecast a growth from 0.2% to 0.1% that will strengthen the USD as well. At 5:30 pm, the Bank of Canada publishes its review of economic situation and monetary policy.Publication source