Market movers ahead
In the US we expect PCE inflation to moderate to 1.5% y/y in October in line with CPI numbers, due to negative contributions from the energy component.
We forecast a rebound in euro area HICP inflation in November to 1.6% y/y, driven by a recovery in core inflation and higher energy prices.
In the UK , PMI manufacturing for November is due, which we expect to increase in line with higher euro area PMIs.
October inflation figures released in Japan will likely show that underlying price pressures remain muted.
In Scandinavia Q3 GDP data are in focus for Denmark and Sweden.
Global macro and market themes
Fed increasingly worried over lack of inflation - US curve flattening continues.
The ECB could decouple the QE decision from the inflation outlook - EUR/USD upside risks remain in 2018.
Riksbank worries over Swedish housing risks set to keep SEK weak but rates have yet to adjust.
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