Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
It’s rate decision day
The Federal Reserve Open Market Committee (FOMC) got its two-day policy meeting underway on Tuesday amid expectations the policymaking FOMC will announce its decision to raise interest rates on Wednesday.
As well as the rate decision and accompanying statement, the Fed’s Summary of Economic Projections and dot-plot are expected garner much of the attention, as investors are keen to assess whether central bank members altered their view that sluggish inflation was transitory.
Investors are also expected to carefully monitor comments from Federal Reserve chair Janet Yellen’s final press conference. The press conference will follow shortly after the FOMC’s policy statement.
Ahead of the FOMC decision on interest rates, better-than-expected wholsesale inflation data raised investor expectations for an upbeat consumer inflation report due Wednesday, supporting an uptick in the dollar against its rivals.
U.S. crude oil stockpiles to fall for fourth-straight week?
A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show that U.S. crude stockpiles fell for the fourth-straight week.
Analysts forecast crude inventories fell by about 3.8m barrels in the week ended Dec. 9.
Crude oil futures have made a mixed start to the week, reversing Monday’s gains to settle at $57.14, down 1.5%, ahead of Opec monthly report.
UK labour data in the spotlight
Labor market data is expected to show wage growth improved in October amid record low unemployment.
Data from the Office for National Statistics is expected to show, average weekly earnings grew by 2.5% year on year in October, marginally higher than the 2.2% growth achieved in September.
Economist forecast the unemployment rate, meanwhile, fell to 4.2% in October, from 4.3% in the previous month.
GBP/USD rose 0.02% to $1.3323 on Tuesday as a report showing both consumer and wholesale inflation for November topped expectations.