At 12:00 (GMT+2), the December EU business sentiment index from ZEW will be published. The indicator reflects the difference between the shares of institutional investors and analysts who are optimistic and pessimistic. It is expected that the number of pessimists in the European economy will increase, the figure may be –17.7 points. The implementation of the forecast may put pressure on the euro.
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At 12:00 (GMT+2), the December index of business sentiment in Germany from ZEW will be published. The indicator reflects the difference between the shares of institutional investors and analysts who are optimistic and pessimistic. It is expected that the number of optimists in the German economy may exceed the number of pessimists for the first time in eight months. According to forecasts, the figure will be 0.3%, which may support the euro.
At 11:30 (GMT+2), UK data on industrial production for October will be published. The indicator fixes the level of change in the volume of industrial production and utilities in the country. The calculation takes into account the manufacturing and mining industries, as well as the electric power industry. It is expected that for October, the volume of industrial production will increase by 0.2%, and the volume of production in the manufacturing industry will decrease by 0.1%, which, however, is less than the September reduction (by 0.4%). A forecast may support the pound.
At 11:30 (GMT+2), UK Q3 GDP data will be published. It is the main indicator reflecting the state of the national economy, which takes into account domestic consumption, investment, government spending, and exports. The British economy is expected to decline by 0.2% QoQ and grow from 1.0% to 1.2% YoY. The implementation of the forecast may put pressure on the pound.
At 00:05 (GMT+2), at the AusPayNet meeting in Sydney, the head of the Reserve Bank of Australia, Philip Lowe, will speak about the Payments System for the Digital Economy. The speeches of the officials of such a high rank traditionally attract the attention of investors, since it can shed light on the further actions of the monetary authorities.
At 15:30 (GMT+2), the data on Building Permits issued in October will be published in Canada. The indicator records the change in the number of applications issued by the Canadian government for the construction of real estate on a monthly basis, and is one of the most important indicators of the construction sector. It is expected that in October the volume of permits will be reduced for the second month in a row, this time by another 2.0%. The implementation of the forecast could put pressure on CAD.
At 15:15 (GMT+2), Canadian Housing Starts data for November will be published. The indicator captures the number of houses whose construction began in the reporting month, and is one of the most important indicators of the Canadian construction market. The indicator is expected to grow from 202.0K to 221.2K. If the forecast proves to be true, this may render support to CAD.
At 09:00 (GMT+2), the data on German Trade Balance for October will be published. This indicator captures the difference between the amount of payments for exported and imported goods. Its increase is a positive factor for EUR. It is expected that trade balance will remain surplus but may decrease from EUR 19.2B to 18.1B. At the same time, Export may slow down growth from 1.5% to 0.2%, while Imports can decrease by 0.1%. The implementation of the forecast can cause pressure on EUR.
Swiss Unemployment Rate data for November are due at 08:45 (GMT+2). The indicator records the percentage of the number of unemployed citizens older than 18 to the total number of the population able to work. Only registered unemployed citizens are counted. Seasonally adjusted indicator is expected to remain unchanged at 2.3%.
At 01:50 (GMT+2), the data on Japanese GDP in Q3 2019 will be released. The GDP is the main indicator reflecting the state of the national economy. It takes into account domestic consumption, investment, government spending and exports. It is expected that the growth of the Japanese economy on a quarterly basis will remain at around 0.1%, and on an annualized basis it may increase from 0.2% to 1.3%. If the forecast proves correct, it can support JPY.