Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
Canadian inflation in the spotlight
Canada will report inflation data on Friday, expected to show the sluggish pace of price increases continued in September, decreasing pressure on the Bank of Canada to continue tightening monetary policy.
The loonie has given back gains against the greenback in recent weeks amid growing expectations that the Federal Reserve will hike rates for a third time this year in December.
Ahead of the data, USD/CAD rose by 0.21% to C$1.2493.
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 has slowed in recent weeks.
The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.
Crude futures settled 1.4% lower at $51.32 a barrel on Thursday after data showed supplies of U.S. refinery products such as gasoline rose for fourth straight week.
US macro data to revive the greenback?
Market participants look ahead to the release of housing data on Friday, which may offer further guidance on the strength of U.S. economy and fresh direction for the dollar against its rivals.
Existing Home Sales is expected to decline 1% in September to 5.30m.
The slump in the dollar against its rivals comes amid a report that Federal Reserve Governor Jerome Powell is leading the race to succeed Janet Yellen as next Fed Chairman.