After three weeks packed with central bank decisions, economic data and political developments, we finally entered the Christmas week, with the agenda looking very light. The most notable releases we get are the German GDP for October and the Summary of Opinions from the latest BoJ gathering.
On Monday, the only noteworthy releases we get are Canada’s monthly GDP for October and the US new home sales for November. Getting the ball rolling with Canada’s GDP, expectations are for the economy to have grown +0.1% mom, the same pace as in September. The message we got from this month’s BoC gathering is that officials have quickly switched back to neutral, after flirting with the idea of easing at the prior meeting. Latest inflation data showed that the headline, trimmed and median CPIs accelerated in November, and thus, although subdued, a similar growth rate with September may allow policymakers to stay side-lined for more. As for the US new home sales for November, they are expected to have declined 0.5% mom after sliding 0.7% in October.
On Tuesday, markets will be closed, or close early, in most major economies in celebration of the Christmas Eve. The only important release on the agenda is the US durable goods...
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