This should be an interesting week, given that we have a bunch of countries delivering on their inflation numbers and some other important data as well. Major central banks will keep a close eye on those CPI numbers, in order to understand how close are the figures to their targets. UK will deliver their GDP and unemployment figures. The RBNZ is set to release their interest rate and Australia will show how its labour market performed over the month of October.
Monday kicked off with Norway delivering on their inflation numbers. The year-to-date core CPI one was believed to come out at +2.3%, but it showed up at the same level as the previous one, at +2.2%. The MoM core CPI was expected to have declined from +0.6% to +0.2%, but showed up worse than expected, at 0.0%. The core CPI excludes energy products and is adjusted for tax changes. The headline MoM and YoY CPI figures came out as forecasted, at +0.2% and +1.8% respectively. This would has placed the rate closer to the Norges Bank’s inflation target, at +2.0%.
Also, during the European morning, we get UK’s preliminary GDP growth rate numbers for QoQ and YoY. The YoY number is believed to have ticked down slightly, from +1.3% to +1.1%, whereas the QoQ figure is expected to have improved from the previous negative 0.2% to positive 0.4%. Of course, the numbers are preliminary, but this is something that the Bank of England could...
Read the full financial markets weekly outlook on JFD Research.