Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
US GDP, Durable Goods
The US economy is expected to show growth of 3% in the fourth quarter, down from 3.2% in the previous quarter.
The Commerce Department on Friday is expected to report core durable goods orders rose 0.5% in December, after a decline of 0.1% in the previous month amid fading sluggishness in business sentiment.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.19% to 89.19.
Canadian Inflation
Canada will report inflation data on Friday, expected to show consumer prices struggled to pick up the pace in December, which could ease investor expectations that the Bank of Canada is set to adopt a more aggressive path of monetary policy tightening.
Economist expect Canadian consumer price inflation in December fell 0.1%, in line with the 0.1% decline in the previous month.
Ahead of the data, USD/CAD rose by 0.01% to C$1.2377.
Baker Hughes rig count
The weekly instalment of drilling activity from Baker Hughes on Friday, will provide investors with fresh insight into U.S. oil production and demand after data last week showed the number of oil rigs operating in the US rose by 5 to 747.
The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.
Crude futures settled lower on Thursday weighed by a sharp reversal from session lows in the dollar after president Donald Trump said, in an interview with CNBC, that the “the dollar will get stronger,” offsetting Treasury Secretary Steve Mnuchin recent endorsement of a weaker dollar.