The coming week in the US is shortened in the coming week by the Thanksgiving holiday on Thursday and the fact that Friday will see a lot of dealing rooms short on staff due to those taking advantage of the potential for a long weekend.
Data highlights include the second estimate of GDP for the third quarter, which is due on Tuesday, while a slew of data is pushed into Wednesday due to the timing of the Thanksgiving holiday.
Wednesday's data includes durable goods as well as the Kansas City Fed Production data, personal income and the weekly jobless claims.
Also due to the shortened week, Wednesday will include the release of both the weekly EIA Crude Oil Stocks and Natural Gas Stocks data.
A highlight for the busy day on Wednesday and coming late in the session, will be the minutes of the FOMC meeting.
MNI's Steve Beckner wrote recently that although the Federal Open Market Committee left monetary policy on hold, Federal Reserve officials have been making it abundantly clear that further easing is quite possible.
When the FOMC left an already super-easy monetary policy on hold Nov. 2, the Fed's policymaking body held out the possibility of additional monetary stimulus. Warning of "significant downside risks," the FOMC said it "will continue to assess the economic outlook in light of incoming information and is prepared to employ its tools to promote a stronger economic recovery in a context of price stability. Fed Chairman Ben Bernanke, in his post-FOMC press conference, was even more explicit. "We are prepared to take further action. We've already taken quite a bit of action but we are prepared to do more and we have the tools to do more if that's appropriate." In Europe, the main focus will continue to be on eurozone debt concerns and there are a lot of European speakers due on the calendar, starting with ECB Governing Council member Ewald Nowotny on Monday and Tuesday and Executive Board member Juergen Stark on Monday.
Others already scheduled to speak include ...Read more
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