Germany is due to release factory orders for October this morning. In line with strong surveys, German order growth has been strong in recent months and showed the highest growth rate in six years in September of 9.5% y/y.
The ECB's Yves Mersch is due to speak in Frankfurt (11:30 CET) on the theme 'Challenges for Monetary Policy in 2018', and will be the last ECB speaker before the silent period ahead of the December meeting.
This afternoon, the US ADP employment report for November is due. It is not a good predictor of the monthly non-farm payrolls but nevertheless tends to get some attention as a warm-up for Friday's payrolls (see also US Labour Market Monitor: Expect strong November report ). The October ADP employment increase was quite robust at +235k.
The Bank of Canada is due to announce its rate decision at 16:00 CET. We and consensus expect rates to be unchanged at 1.0%. The Bank of Canada raised rates in July and September by 25bp at each meeting.
This afternoon, the DOE is due to release US crude oil inventories.
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