Day Ahead: Top 3 Things to Watch
U.S. crude oil stockpiles to show third weekly increase?
Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday. The American Petroleum Institute reported crude oil stockpiles fell by about 6.51 million barrels for the week ended Nov. 18.
Crude oil futures have made a timid start to the week settling 46 cents lower at $56.09 barrel on Monday as investors opted for caution ahead of the OPEC meeting on Nov. 30.
US housing data, Yellen on tap
In what is a shortened trading week for U.S. market participants, economist expect housing data on Tuesday, to show an slight increase in housing sector activity for October from the previous month, which could help the dollar add to gains against its rivals.
Existing Home Sales is expected to show a 0.7% rise to 5.42 million for October.
Fed chair Janet Yellen is slated to deliver a speech on Tuesday, a day after announcing she will leave the central bank once her term as chair ends in February.
UK macro data in focus
GBP/USD could be the ‘one to watch’ in Tuesday’s session as investors eye the release of a duo of reports on inflation and public sector borrowing.
Public sector net borrowing is expected to have widened to £6.60 billion in October from £5.33 billion in the previous month.
Investors will also look for clues about future inflation expectations, when the Bank of England Governor releases its inflation report hearings.
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