Another heavy calendar on the data release front, including November PMI data for manufacturing and non-manufacturing sectors, in US (November labour market data), Australia (Q3 GDP), New Zealand (retail sales and trade) and Switzerland (November CPI-inflation). In the Eurozone the focus will likely be on German data (factory orders and industrial output). Central banks will also be fighting for the headlines, with the RBA holding its policy meeting, Bank of England MPC members Haldane, Vlieghe, Ramsden and Carney due to speak.
Monday 3rd December
United States: FOMC members Clarida, Quarles, Williams, Brainard and Kaplan to speak.
United States: ISM Manufacturing PMI (November). This has been a choppy, range-bound data series in the past 12 months but the index has fallen for two consecutive months. A hat-trick of monthly contractions could put further pressure on the Dollar.
United Kingdom: Bank of England (BoE) MPC member Haldane to speak. With markets focusing on Brexit and pretty much nothing else Haldane is unlikely to move markets in our view.
Tuesday 4th December
United Kingdom: BRC Retail sales monitor (November)
Australia: Reserve Bank of Australia policy meeting. The RBA is likely to once again leave rates on hold but may have a slightly more upbeat tone while being conscious not to further fuel the Aussie Dollar’s appreciation.
United Kingdom: Bank of England (BoE) governor Carney to speak
Switzerland: CPI-inflation (November). Headline CPI-inflation continues to hover around 1% yoy and the SNB is unlikely to even contemplate a rate hike any time soon.
United States: FOMC members Williams to speak.
United Kingdom: Bank of England (BoE) MPC member Vlieghe to speak.
Wednesday 5th December
Australia: Q3 GDP. Consensus forecast is that GDP growth, among the fastest in the developed world, slowed to 0.6% qoq from 0.9% qoq in Q2.
Eurozone: ECB President Draghi to speak (but ECB meeting next week will be the key)
United Kingdom: Services PMI (November)
Eurozone: Retail sales (October)
United States: ADP private sector employment data (November).
United States: ISM non- Manufacturing PMI (November). This has been a choppy, range-bound data series in the past 12 months but the index
United States: Fed Chairperson Powell to testify (but may be cancelled due to passing away of former President George Bush Senior
Thursday 6th December
New Zealand: Retail sales and trade data (October)
United States: FOMC members Quarles, Bostic and Williams to speak.
Eurozone: German factory orders (October)
Australia: RBA Assistant Governor Debelle to speak.
United Kingdom: Bank of England (BoE) MPC member Ramsden to speak.
United States: Goods and services trade data (October)
United States: Fed Chairperson Powell to speak
Friday 7th December
Eurozone: German industrial production (October)
United States: Labour market data (November)
