Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
US macro data
The dollar is set for data-laden day as markets await the latest reading on inflation, durable goods and new home sales.
The Core Price Consumer Expenditure (PCE) Index – the Fed’s preferred measure of inflation – is expected to rise to 1.5% in November year-on-year, compared to a 1.2% rise in the previous month.
The Commerce Department on Friday is expected to report a slowdown in core durable goods orders to 0.5% in November from 0.9% in the prior month, pointing to underlying weakness in business sentiment.
The upward trend in the number of buyers signing contracts to purchase existing homes is expected to have reversed November. Economist forecast Pending Home Sales fell 4.7% in August.
The dollar rose against its rivals on Monday after Janet Yellen reaffirmed the central bank’s view that raising rates gradually was the most appropriate policy amid uncertainty over inflation.
An update on Canada’s economic growth outlook
Canada’s economic growth is expected to have cooled in November as economists forecast GDP grew at an annualised rate of 0.1% in November, following a 0.2% rise in the previous month.
Investor expectations for tighter monetary policy from the Bank of Canada rose on Thursday, after Canadian inflation data topped economists' forecasts. The Bank of Canada’s has raised interest rates twice this year.
Ahead of the data USD/CAD traded at C$1.2743.
Baker Hughes rig count
The weekly instalment of drilling activity from Baker Hughes on Friday, will provide investors with fresh insight into U.S. oil production and demand after data last week showed the number of oil rigs operating in the US fell by 4 to 747.
The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.
Crude futures settled 27 cents higher at $58.36 a barrel on Thursday amid recent bullish data showing US crude stockpiles fell for the fifth-straight week.