The markets were seen trading subdued yesterday. The Bank of Japan held its monetary policy steady, and in the Eurozone, flash inflation estimates showed that consumer prices rose 1.4% on the headline and 0.9% on the core. This was weaker than the estimates. However, flash GDP showed a 0.6% increase for the third quarter, while the second quarter GDP was revised higher to 0.7%. In Canada, the monthly GDP data posted a 0.1% decline which missed estimates of a 0.1% increase.
Looking ahead, the economic data today will see the release of the manufacturing PMI for the UK. Economists are forecasting a modest print of 55.8, slightly down from 55.9 in September. The NY trading session will see the ADP private payrolls data coming out. Estimates point to a 202k print for September. Revision for the previous month is expected as well. This is followed by the ISM manufacturing PMI which is expected to show a decline in the index to 59.5 in October, following 60.8 the month before.
The economic calendar concludes later in the day with the FOMC statement and BoC Governor Poloz’s speech.
