- Fed’s Yellen and BoE’s policymakers are on agenda today
- API report will set expectations ahead of DoE’s data on the US oil inventories
- NZD traders should eye results of the milk auction
Once again data-wise calendar is calm so the market could focus on usually second-tier events. Some of BoE’s members are to testify in the parliament and it’ going to be the most interesting point of the day. Moreover, the Fed’s Yellen is scheduled to speak in the late evening. Reports from commodity markets could also grab some of the investors’ attention.
10:00 am BST – UK, Inflation Report Hearings. BoE’s Cunliffe, Saunders, and Vlieghe are scheduled to speak in the parliament today. Inflation is the key issue for the bank while considering changes to its monetary policy. However, after a rate hike in November, it seems that BoE will remain inert for longer. On the other hand, comments suggesting a need for further tightening may prop up the pound.
Tentative (1:00 pm – 4:00 pm BST) – New Zealand, Global Dairy Price. Milk is one of the most important commodities for the NZ economy, thus its prices have an impact on NZD. The previous auction posted a large drop in prices and continuation of the slide may renew pressure on Kiwi.
3:00 am BST – US, the existing home sales for October. Despite a few rate increases in the US, the housing market has remained resilient. Another upbeat data may spur some optimism, especially given lack of other important prints from the US economy today.
9:35 pm BST – US, the API report on oil prices. Oil has managed to stick to relatively high levels waiting for the OPEC meeting scheduled for the end of November, thus the US data have been set aside. However, it’s still worth looking at this numbers and the today’s report will set expectations before the DoE data on Wednesday.
11:00 pm BST – US, Janet Yellen will speak at Stern Business School. The current chair is to leave Fed in February but she will be still in charge in December, while the Reserve is to increase interest rates for the third time this year. GIven her respect, her comments may still influence the board’s members.
OIL.WTI rebounded from the lower limit of the ascending channel which may bode well for buyers. Source: xStation5