Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
UK macro data in the spotlight
GBP/USD could be the one to watch on Friday, as economic reports on the trade balance, manufacturing and industrial production are expected to provide investors with an insight into the strength of the UK economy amid growing uncertainty as to the outcome of Brexit negotiations.
Economists’ forecast a mixed batch of reports as industrial growth is expected to fall to 0.2% July from 0.5% in the prior month while manufacturing growth is expected to rise to 0.3%.
The UK’s trade balance, which measures the difference in value between imported and exported goods and services, is widely expected to narrow to -11.95 billion in July from -12.72 billion in the prior month.
Chinese macro data rounds off the week
Chinese macro data due Friday will be closely monitored to gauge the progress of economic growth, after the country shifted to a more consumer-oriented growth model, reducing its dependence on export led growth.
Economists expect the data to show that the pace of both exports and imports slowed in August to 6% and 10%, respectively, from a year ago.
Consumer and producer inflation data for August will round off the week.
Commodities such as gold are sensitive to Chinese economic data as the far-eastern country remains the largest importer and consumer of commodities.
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 the number of active drilling rigs has slowed in recent weeks.
The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.
At Thursday’s settlement price, crude oil futures fell 7 cents to $49.09 after data showed crude inventories rose for the first time in ten weeks.