- UK services PMI should be in the limelight before noon
- US non-manufacturing ISM could offer an insight before an employment report
- API is going to deliver its weekly update on a change in oil stocks
There is no many relevant macroeconomic releases contained in the calendar for today but soft indicators from the UK and US are by far worth looking at. Besides, the American Petroleum Institute will release its weekly report on a change in oil inventories which as usual could help set expectations ahead of the governmental report on Wednesday.
9:30 am BST - UK services PMI: We’ve already known better than estimated PMIs on manufacturing and construction which have provided some support for the British currency. However, needless to say that the services sector is decisively the most important one for the UK economy, hence an impact of today’s reading could be much more. The consensus calls for 55 suggesting a slowdown from 55.6 seen in October. Nevertheless do notice that the two prior PMIs were underestimated (manufacturing and construction) so there is a likelihood to get a stronger reading in this case as well.
3:00 pm BST - US non-manufacturing ISM: Manufacturing ISM for November was already released bringing a higher than expected value. It’s worth also noticing that there was an uptick as far as the employment index is concerned increasing odds for a stronger employment report. On the other hand, non-manufacturing ISM appears to be much more important and therefore it’s worth paying attention as it might come in handy in forecasting the NFP for November. The consensus suggests 59.1 which would be a drop from 60.1 registered in October.
9:35 pm BST - Crude oil stocks by API: As usual the American Petroleum Institute will offer the first glance at the US oil stocks being an useful tool ahead of the DoE report scheduled for tomorrow. Notice that oil prices have had a stunning period of time lately and even the OPEC meeting wasn’t able to spoil upbeat moods. Having said that, there is no too many reasons to be so bullish on crude as a positive effect stemming from falling stocks in OECD countries is being offset by the ongoing increase in the US output. Finally we are already entering the time when fuel demand decreases, thus any bearish report could be an additional drag on the price.
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