In the European session, we don't have anything on the agenda other than the German trade balance report. Goes without saying that the data won't matter at all for the market or the ECB.
In the American session, the highlights include the weekly ADP data and the US Job Openings report. We had three negative weekly ADP releases recently which culminated with a soft monthly report last week. The ADP data suggests that labour market conditions are yet to change and the cooling is still underway.
We will also get the October US Job Openings report. The consensus sees further cooling to 7.150M vs 7.227M prior. The Job Openings is a two-month old data but it will give us a bit more information on the labour market conditions in October.
At this point, I would focus more on the Fed's forward guidance tomorrow and the NFP/CPI reports next week. These will be the most important events and potentially the most market-moving ones.
Central bank speakers:
- 08:00 GMT/03:00 ET - ECB's Nagel (neutral - voter)
- 09:00 GMT/04:00 ET - BoJ Governor Ueda (neutral - voter)
- 14:15 GMT/09:15 ET - BoE's Members at Treasury Select Committee
- 19:10 GMT/14:10 ET - RBNZ Governor Breman
