• UK industrial and construction data should draw attention before noon
  • University of Michigan is going to release an update on consumer confidence
  • US oil rigs count might influence oil prices in the evening

This week has been relatively benign in terms of fresh macroeconomic data, however the last day will offer some insight into the UK and the US economies as two noteworthy releases are going to be printed. Besides, we’ll get the data on a change in active oil rigs from the US which is anticipated to bring another decrease.

9:30 pm BST – Industrial and construction data from the UK: The ending week has been quite successful for the pound as it’s gained against the US dollar, nevertheless the greenback has been on the back foot against other currencies as well, hence strength of the GBP might have stemmed mainly from dollar’s weakness. Either way, today’s session will offer first data from the UK economy since the latest BoE meeting which saw the pound tumbling. Although the British currency was battered by the definitely more dovish tilt from the MPC it managed to stay above a key technical level. Since then a technical landscape has barely changed, hence today’s prints might bring more brisk moves. The expectations suggest that industrial output has gained 1.9% yoy while construction out-turn is anticipated to show a 1.7% yoy pick-up. On top of this the trade data will be unveiled, it ought to have a limited impact on the pound though.

3:00 pm BST – US consumer confidence by UoM: Last month saw consumer confidence achieving its highest levels for many years. Hence, once we get a confirmation of this trend today, it’s going to be a strong case for stronger consumer spending which eventually should help build higher economic growth. The consensus points to 100.9 for November while it was 100.7 in October. Beside the headline we will be given two gauges of inflation expectations (1Y and 5-10Y). 

6:00 pm BST – US active oil rigs: A count of active US oil rigs has been declining for several weeks which has corresponded to lower oil prices. However since then oil prices have sharply rebounded, thus a continued downward trend in this figure could be questionable. Notice that the OPEC admitted earlier this week that it’s expecting a hefty US shale oil production over the course of the oncoming years as it realized that higher prices – being sought by the Cartel for many months – could encourage more producers to ramp up their oil extraction.

link do file download linkThe EURGBP is trading in the middle of a range which has halted larger moves lately. Source: xStation5