In the European session, the main highlight is the November Swiss CPI report. The headline CPI Y/Y is expected at 0.1% vs 0.1% prior. The data is not going to change anything for the SNB as they've repeated many times that the bar for negative rates is very high. They will likely need a clear negative shock in the economy to go back into NIRP (negative interest rate policy). The Swiss Core CPI Y/Y was 0.5% in October.
We will also get the final PMI readings for the UK and the major Eurozone economies. The final PMIs are rarely market-moving as the market focuses mostly on the flash data as it always looks to price new and fresh information.
In the American session, we have the US ADP and the US ISM Services PMI. The ADP is expected at 10K vs 42K prior. The weekly ADP data has been coming out on the softer side with the latest reading showing -13,500 job cuts over the four weeks ending November 8, 2025. The data is unlikely to change anything at this point with the FOMC decision coming up next week but if we were to get big deviations, then we could see some notable reaction.
The US ISM Services PMI is expected at 52.0 vs 52.4 prior. The S&P Global PMI showed the services sector improving to a 4-month high with generally upbeat commentary, although price pressures were seen intensifying.
Central bank speakers:
- 08:30 GMT/03:30 ET - ECB President Lagarde (neutral - voter)
- 10:30 GMT/05:30 ET - ECB's Lane (neutral - voter)
- 13:30 GMT/08:30 ET - ECB President Lagarde (neutral - voter)
- 17:00 GMT/12:00 ET - BoE's Mann (hawkish - voter)
