Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
UK macro data on tap
GBP/USD could be one the watch on Friday as duo of reports on manufacturing and trade is expected to provide investors with an insight into the strength of the UK economy.
Economists’ forecast a mixed batch of reports as manufacturing growth is for September is expected to show slowdown to 0.3% from 0.4% in the previous month while industrial growth is expected to inched higher to 0.3%.
The UK’s trade balance, which measures the difference in value between imported and exported goods and services, is widely expected to narrow to -£12.80 billion in September from -£14.25 billion in August.
GBP/USD rose 0.29% to $1.3153.
US macro data in focus
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 following reports that the Senate would delay corporate tax cuts until 2019.
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 100.7 for November, unchanged from October.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.44% to 94.35.
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 the number of active drilling rigs fell below 730 for the first time since May 26 last week.
The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.
At Thursday’s settlement price, crude futures rose 36 cents to settle at $57.17, a two-year high, amid a spike in political tensions in the Saudi Arabia.