| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | Germany | CPI, m/m | November | 0.5% | -0.2% | -0.2% |
| 07:00 | Germany | CPI, y/y | November | 4.5% | 5.2% | 5.2% |
| 07:00 | United Kingdom | Manufacturing Production (YoY) | October | 2.8% | 1.7% | 1.3% |
| 07:00 | United Kingdom | Manufacturing Production (MoM) | October | -0.1% | 0% | 0% |
| 07:00 | United Kingdom | Industrial Production (YoY) | October | 2.9% | 2.2% | 1.4% |
| 07:00 | United Kingdom | Industrial Production (MoM) | October | -0.4% | 0.1% | -0.6% |
| 07:00 | United Kingdom | GDP m/m | October | 0.6% | 0.4% | 0.1% |
| 07:00 | United Kingdom | GDP, y/y | October | 5.3% | 4.9% | 4.6% |
| 07:00 | United Kingdom | Total Trade Balance | October | -2.8 | | -2.027 |
USD firmed against most of its major rivals in the European session on Friday, as investors eagerly awaited the release of the U.S. inflation data for November, which might sway the Federal Reserve to pursue a more aggressive monetary policy approach to try to tame price pressures.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, rose 0.15% to 96.41.
Economists forecast the November CPI to be up 6.8% y/y compared to +6.2% y/y in October. It would mark the fastest rate of inflation since June 1982.
While testifying before the U.S. lawmakers in late November, the Fed’s Chairman Jerome Powell acknowledged the increased risk of persistent inflation and said the policymakers would discuss speeding up tapering at their December gathering, adding that, in his view, it’s appropriate to consider wrapping up taper a few months sooner.
Hotter-than-expected November inflation data will be interpreted as a case for the Fed to speed up its taper process and get to hiking rates sooner-than-planned.