Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
US macro data
Market participants look ahead to the release of economic data on Friday which could offer the dollar direction after the greenback come under pressure against its rivals amid growing expectations of a US government shutdown.
The University of Michigan’s consumer sentiment index, is expected to show consumer confidence in the economy remained bullish, as economist forecast the index to show a reading of 97 for November compared to 95.9 in the previous month.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.29% to 90.29.
UK Retail Sales
The sluggish pace of wage growth is expected to have weighed on UK retail sales as economists forecast UK retail sales fell 0.6% in December compared to 1.1% rise in the previous month.
A weaker retail sales print, however, could have a limited impact on sterling amid expectations that the Bank of England may soon raise interest rates to prevent the economy from overheating.
GBP/USD rose 0.38% to $1.3882.
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 rose by 10 to 752.
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 lower on Thursday amid fears over rising US production.