Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
EU macro data in focus
Germany will release a slew of economic data on manufacturing and economic growth which could provide the euro with fresh direction amid uncertainty surrounding the leadership position of German chancellor Angela Merkel after she failed to form the country’s next government.
The final reading of third quarter German GDP is expected to remain unchanged at 0.8%, while economists forecast German manufacturing data for November to fall to 60.4 from a 60.6 in the previous month.
Manufacturing data for the wider Eurozone bloc, meanwhile, is expected to show a slight decline to 58.3 in November compared to 58.5 in October.
EUR/USD rose 0.70% to $1.1820.
UK economic growth data on tap
The penultimate reading of third quarter UK Gross Domestic product (GDP), is expected to confirm the UK economy grew at 0.4% in the previous quarter.
The pound has continued to add to recent gains against the greenback as traders unwind their bearish bets on sterling as brexit-related woes begin to ease following news that the UK will present an improved offer to the EU on the so-called EU divorce bill.
GBP/USD rose 0.63% to $1.3325.
Retail Sales
Canadian retail sales due Thursday could offer further insight into the health of the Canadian economy following Bank of Canada’s decision to stand pat on interest rates in October.
Economists’ forecasts retail sales rose 0.3% in September compared unexpected slump in August. Retail sales excluding automobiles, so-called core retail sales, is forecast to rise 1%.
The CAD/USD has tacked on gains against the dollar recently, supported by a rally in oil price to two-and-a-half year highs.