What's coming up today
The Bank of England decision provided a bit of volatility for the pound and it's now down to the lows of the day. With time ticking down on the year there are few opportunities left for meaningful market moves.
The economic calendar today probably isn't going to provide a significant jolt but there are some interesting bits.
The bulk of it comes at the bottom of the hour when we get:
- Canadian wholesale sales
- ADP Canada employment for November
- US current account
- Philly Fed
- Initial jobless claims
It then goes quiet until 10 am ET (1500 GMT) when then November existing home sales report is due. Housing data has been plum lately but existing home sales is a lagging indicator.
Finally, the ECB's Lane is chairing a panel at 1530 GMT and there is a 5-year TIPS auction. Of course all the impeachment drama is ongoing but the latest is that Pelosi won't send it to the Senate, at least for now. So far impeachment hasn't been a factor for markets and it's safe to assume that will continue to be the case. Probably the biggest risk is that Trump has some kind of blowout or meltdown on twitter.