Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
Eurozone unemployment, German trade balance data
A report on Eurozone unemployment is expected to show the unemployment rate cooled to 8.7% in November from 8.8% in the previous month.
German trade balance data is also expected to come into focus Tuesday as economists forecast the trade balanced rose to 20.9 billion in November from 19.9 billion in October.
EUR/USD fell 0.52% to $1.1967 amid profit taking on the recent rally that saw the single currency rise above $1.20 to a three-year high amid expectations that the European Central Bank is poised to announce plans to rein in accommodative monetary policy measures.
U.S. crude oil stockpiles to show large decline?
Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday.
The American Petroleum Institute reported crude oil stockpiles fell by about 5 million barrels for the week ended Dec. 29.
Crude oil futures started the week on the front foot amid a fall in the number of US rig counts and ongoing strong OPEC compliance with the deal to curb output.
U.S. labor market data, Fed speak in focus
Following last week’s nonfarm payrolls report which undershot economists’ forecast, traders look to a monthly report on job vacancies for further clues on the strength of the U.S. labor market.
The U.S. Labor Department's Job Openings and Labor Turnover Survey (JOLTs) report, is expected to show job openings in improved to about 6.1 million in December.
The dollar bounced off four-month lows against its rivals Monday amid recent comments from Fed Williams, an FOMC voter, who said three rates remained appropriate for 2018 amid expectations that inflation would eventually return to 2%.
Fed Williams comments were said to be somewhat hawkish as he is widely seen as a centrist when it comes to monetary policy.
A speech by Minneapolis Federal Reserve Bank President Neel Kashkari is also expected to be closely parsed for an insight into the Federal Reserve's thinking on monetary policy.