The European session is going to be empty on the data front with just a couple of low tier data releases. In the American session, the highlights will be the Canadian labour market data and the US UMich consumer sentiment report.
13:30 GMT/08:30 ET - Canada October Labour Market report
The Canadian Labour Market report is expected to show 25.0K jobs added in October vs. 46.7K in September and the Unemployment Rate to tick higher to 6.6% vs. 6.5% prior. As a reminder, the BoC has switched its focus from inflation to growth now, so they will keep on cutting rates with the market seeing 63% chance of another 50 bps cut in December and three more 25 bps cuts in 2025.
15:00 GMT/10:00 ET - US November University of Michigan Consumer Sentiment
The Consumer Sentiment is expected at 71.0 vs. 70.5 prior. Compared to the Conference Board consumer confidence, which is more biased towards the labour market, the consumer sentiment survey is more weighted towards consumers’ finances. In fact, analysts believe that it’s a better predictor of consumer spending than the consumer confidence report, which is also why the expectations index in the survey is included in the Leading Economic Index (LEI).
Central bank speakers:
- 08:00 GMT - SNB's Martin
- 09:00 GMT - ECB's Vujcic (neutral - voter)
- 09:00 GMT - ECB's Panetta (dove - voter)
- 12:15 GMT/07:00 ET - BoE's Pill (neutral - voter)
- 16:00 GMT/11:00 ET - Fed's Bowman (hawk - voter)