Canada’s Inflation And Retail Sales On The Tap

Fundamental analysis of Forex market

The markets were seen trading subdued on Thursday as the U.S. session was closed due to Thanksgiving holiday. The U.S. Dollar was seen trading slightly weaker. On the economic front, data was mostly quiet.

The ECB released its monetary policy meeting minutes from the October meeting. No major surprises were in store. The central bank reiterated its stance to end its QE program this end of the year.

The Eurozone consumer confidence report showed a decline to 4 from -3 a month ago.

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Market sentiment for the GBP was boosted by reports that the U.K. and the European Union have agreed in-principle to a Brexit deal draft.

The economic calendar is somewhat busy today. The German final quarterly GDP report is due which is expected to confirm that the economy fell 0.2% in the third quarter of the year.

This is followed by the flash manufacturing and services PMI covering, France, Germany, and the Eurozone. Overall, manufacturing and services PMI are expected to remain broadly stable.

The NY trading session will see Canada’s inflation and retail sales figures coming out. Headline CPI is forecast to rise 0.1% on the month while retails sales are expected to increase 0.1% which could reverse the declines from the month before.