EUROPEAN SESSION

In the European session, we don’t have anything on the agenda other than the Italian idustrial production report. The data won’t change anything for the ECB, so the market reaction will be muted. 

Markets will likely continue to assess the possibility of a 50 bps Fed rate hike following the hotter than expected US Core CPI, after Fed’s Waller put such an option on the table. 

AMERICAN SESSION

In the American session, there’s nothing on the calendar, with the bond market also being closed for US Veterans Day. It’s probably going to be a choppy day given the lack of key economic data and the US holiday. 

Traders will also keep monitoring US-Iran developments as that’s one of the most important factors for global growth at the moment. Nothing concrete has been achieved yet, but Qatar said yesterday that it secured at least two weeks for diplomatic efforts, although significant differences remain. So, the expectations for an imminent deal might need to be repriced. 

CENTRAL BANK SPEAKERS

• 07:50 GMT/02:50 ET – ECB’s Cipollone (neutral – voter)
• 08:10 GMT/03:10 ET – ECB’s Kazaks (neutral – voter)
• 08:20 GMT/03:20 ET – ECB’s Nagel (hawkish – voter)
• 08:45 GMT/03:45 ET – ECB President Lagarde (neutral – voter)

This article was written by Giuseppe Dellamotta at investinglive.com.