Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
Eurozone top-tier macro data on tap
Economists forecast the initial reading of Eurozone inflation for November to remain unchanged at 1.4% from the previous month.
Inflation has trailed the European Central Bank’s target, of below, but close to, 2% over the medium term.
On the heels of the inflation data, a report on Eurozone unemployment is expected to show the unemployment rate remained steady at 8.9%.
EUR/USD rose 0.08% to $1.1850.
US macro data
The dollar is set for data-laden day as markets await the latest reading on inflation, initial jobless claims and consumption.
The Core Price Consumer Expenditure (PCE) Index – the Fed’s preferred measure of inflation – is expected to rise to 1.4% in October year-on-year, compared to a 1.3% rise in the previous month.
On the jobs data front, economists forecast the number of individuals who filed for unemployment insurance for the week ended Nov. 25, to rise by 1,000 to 240,000.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, is expected to rise 0.3% last month compared to a 1% jump in September
The U.S. dollar index, rose by 0.01% to 93.21 on Wednesday.
OPEC meeting in focus
Oil ministers from Organization of the Petroleum Exporting Countries(OPEC), including Russia, are set to meet in Vienna on Thursday amid growing expectations that the oil-cartel will agree to extend output cuts for nine-months through 2018. Concerns over Russia’s willingness to participant in a prolonged period of cuts, however, have weighed on oil prices in recent sessions.
The meeting comes a year after OPEC and non-OPEC members agreed to curb output by 1.8 million barrels a day to rid the market of excess supplies. Oil producers, however, believe that further cuts are necessary to ensure that rebalancing in markets continue as OPEC data showed excess oil stockpiles remain at 140 million barrels above the five-year average.
Crude futures settled 1.2% lower at $57.30 a barrel on Tuesday.