What's on the economic calendar

First up at the bottom of the hour:

  • Initial jobless claims
  • US PCE
  • Canadian current account balance

In the PCE report, the Fed will be desperate to see a pickup in core PCE, which is expected at +0.2% m/m and +1.4% y/y. Also eye personal income and spending for signs on wages and the health of the consumer.

At 1445 GMT (9:45 am ET)

  • Chicago PMI

Manufacturing surveys have been red hot and the Chicago PMI is the big one.

At 1730 GMT (12:30 pm ET)

  • Fed's Quarles

The topic is the payments system so this one is probably a dud. There's a livestream here.

At 1800 GMT (1 pm ET)

  • Fed's Kaplan

We heard from him earlier this week and he was a tad more hawkish.

We will be looking for OPEC headlines throughout the day.