Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
U.S. macro data in focus
The Commerce Department is slated to report on new home sales for September at 10:00AM ET (1400GMT) on Wednesday. The data is expected to show a decline of 0.9% to 555,000 units for September from 560,000 units in August.
In a separate report, core durable goods orders are forecast to remain steady at 0.5%, amid a slight uptick in business sentiment.
The U.S. dollar index, fell by 0.09% to 93.64 on Tuesday, after hopes of tax reform suffered a blow as a rift between President Donald Trump and Republican Senators threatened the progress of tax reform.
At least three Senators won't support a plan to cut taxes, CNBC reported on Tuesday. That could prove a huge stumbling block for tax reform as Republicans were expected to use a legislative tool called reconciliation, to move tax legislation through the Senate, in which they hold a 52-seat majority.
U.S. crude oil stockpiles to show fifth-straight weekly decline?
A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show that U.S. crude stockpiles dropped for a fifth-straight week.
Analysts forecast crude inventories fell by about 2.6m barrels in the week ended Oct. 20.
Crude oil prices have made a positive to the week on renewed optimism of an extension to the Opec-led supply-cut agreement after Saudi oil minister Khalid al-Falih said Saudi Arabia is willing to “do whatever it takes” to rein in excess supplies.
Crude oil futures settled at $52.47, up 1.1%, on Tuesday.
It’s interest rate decision day in Canada
More than a month after the Bank of Canada (BoC) surprised investors with an interest rate hike, the central bank is in the spotlight again as it releases its decision on interest rates on Wednesday, widely expected to remain unchanged at 1%.
Investors will parse the accompanying statement from the BoC for clues into the central banks thinking on the economy and monetary policy outlook. That will be followed by a speech from Bank of Canada governor Stephen Poloz later during the session.
Following the rate hike in September, BoC Governor Stephen Poloz said there is “no pre-determined path for interest rates from here.”
USD/CAD traded at C$1.2676, up 0.23%.