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US Open Preview– Pound slips after BOE meeting; stocks weaker; ECB rate decision ahead
December 14, 2017 1:26 pmVideo
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Here are the latest developments in global markets:
Day ahead: ECB policy decision pending; US data in focus
Looking forward, the European Central Bank is anticipated to keep its main refinancing rate unchanged at 0.0% (1245 GMT) respectively. However, as this is widely expected, the focus will turn on future economic projections. ECB policymakers are expected to revise up growth forecasts and give the initial estimates for 2020. The outlook for inflation however, would be of greater importance to determine the path of future interest rates given that inflation in the Eurozone has stuck below the ECB’s goal.
Moreover, following the rates decision, ECB chief Mario Draghi will hold a press conference at 1330 GMT.
On the data front, US retail sales due at 1330 GMT are forecast to rise moderately by 0.1 percentage points to 0.3% m/m in November. Meanwhile, the US labour department is also expected to report a soft increase in initial jobless claims, with analysts projecting the number of people claiming unemployment benefits to rise by 3,000 to 239,000 in the week ending December 8.
Then at 1445 GMT, IHS Markit will publish its preliminary readings on the US manufacturing and services PMI for the month of December. Both indices are said to show some improvement.
Elsewhere, the Bank of Canada’s chief Stephen Poloz will give a speech at the Canadian Club of Toronto at 1740 GMT. A press conference will follow.
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