In the European session, the main highlight is going to be the UK CPI report. The CPI Y/Y is expected at 3.6% vs 3.8% prior (same as BoE's forecast), while the Core CPI Y/Y is seen at 3.4% vs 3.5% prior. Governor Bailey placed more emphasis on inflation regarding his decision on a December cut, so the CPI is going to be very important for them.
The market is already pricing a roughly 80% probability for a December cut following the soft UK employment report. Nonetheless, we could get a hawkish repricing in case the inflation figures surprise to the upside.
We will also get the final Eurozone CPI data but as it's usually the case for the final readings, it's unlikely to be market-moving and won't change anything for the ECB anyway.
In the American session, the only highlight is the FOMC meeting minutes. The minutes are the records of the meeting detailing the discussions, reasoning and decisions made regarding monetary policy. They are not market-moving because they are released three weeks after the meeting, so they became stale by the time they are released.
In fact, we already heard basically all the Fed members, and Fed Chair Powell in his press conference gave a pretty thorough analysis of what they talked about in the meeting with the now infamous "a December cut is not a foregone conclusion - in fact, far from it".
Lastly, after the market close, we get the Nvidia Q3 earnings report.
Central bank speakers:
- 15:00 GMT/10:00 ET - Fed's Miran (uber dove - voter)
- 17:45 GMT/12:45 ET - Fed's Barkin (neutral - non voter)
- 19:00 GMT/14:00 ET - Fed's Williams (neutral - voter)
