The Day Ahead: Top 3 Things to Watch
Investing.com
Published Dec 04, 2017 04:28PM ET
What to watch out for in tomorrow's session
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
U.S. crude oil stockpiles on tap
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 rose by about 1.8 million barrels last week.
Crude oil futures have made timid start to the week as traders appeared to take profit on the recent rally, while fears over an uptick in US production weighed on sentiment.
US top-tier data to extend dollar rally?
Ahead of the Federal Reserve’s interest rate decision due next week, investors will look to a report on service sector growth to dictate dollar direction on Tuesday.
The Institute of Supply Management (ISM) releases its Non-Manufacturing Purchasing Managers' Index (PMI) (also known as the ISM Services PMI) report on Tuesday. Economists’ forecasts service sector growth to cool to 59 in November from 60.1 in the previous month.
The services sector is critical component of the US economy, accounting for roughly 80% of U.S. private-sector gross domestic product (GDP).
The dollar rose sharply against its rivals on Monday as US senators passed a tax bill aimed at overhauling the U.S. tax system and boosting economic growth.
EU macro data in focus
Eurozone service-sector data is expected to be closely monitored for an insight into the strength of the Eurozone economy amid ongoing political uncertainty in Germany, the Eurozone’s most productive country.
Service sector growth is expected to remain unchanged at 56.2 in November compared to 56.2 in October, while economists forecast retail sales data for October to show a 0.7% decline compared to a 0.7% rise in the previous month.
EUR/USD fell 0.37% to $1.1852.
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