Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
Fed minutes in focus
The Federal Reserve publishes the minutes of its Oct. 31-Nov. 1 meeting at which members of the central bank voted to leave interest rates unchanged and signaled that a December rate hike remained on track.
The release of the minutes is not expected to provide clues about future monetary policy as current Fed chair Janet Yellen is set to be replaced by Fed governor Jerome Powell in February.
The fed minutes are unlikely to derail expectation for a year-end rate hike which appears to be fully priced in, according to investing.com’s fed rate monitor.
Ahead of the release of the Fed minutes, the dollar traded lower against its rivals amid ongoing weakness in longer-term Treasury yields.
U.S. crude oil stockpiles to show third weekly increase?
A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show a U.S. crude supplies crude supplies fell last week despite two-straight weekly builds.
Analysts forecast crude inventories fell by about 1.5 million barrels for the week ended Nov. 18.
Traders are also expected to watch crude production data closely after an EIA report revealed preliminary U.S. production figures showed weekly output rose by 25,000 to an all-time high of 9.65 million barrels per day.
Crude oil futures settled at $56.83, up 46 cents.
UK Autumn Budget in the spotlight
Chancellor Philip Hammond is slated to deliver the UK autumn budget on Wednesday amid expectations that the chancellor will adopt a dovish tone on the outlook for the UK economy amid data showing the UK budget deficit continued to widened.
Public sector net borrowing last month, excluding the nationalised banks, grew by £500m to £8bn compared with October a year ago, according to the Office for National Statistics (ONS).
The bearish news on the deficit comes as Conservative MPs continue to pressure Hammond to increase spending amid widespread dissatisfaction with austerity.
GBP/USD was roughly unchanged on Tuesday at $1.3233.