What are the main events for today?

Main Economic Indicators for Today

Today's European session highlights the UK GDP, anticipated to rebound to +0.1% in October from -0.1% prior, with year-on-year estimates at +1.4% compared to +1.1% previously. Final inflation readings for Germany, France, and Spain are also due, but these are not expected to significantly affect the respective central banks. The Bank of England (BoE) is widely expected to cut interest rates at the upcoming meeting due to soft labor market data and benign inflation figures. The market is pricing a 90% probability of a cut in the next meeting, alongside a total of 58 basis points easing anticipated by the end of 2026.

Outlook for the American Session

In the American session, aside from a few Fed speakers, there are no major events on the agenda. Following a recent 25 bps rate cut by the Fed, the central bank indicated a higher threshold for further cuts, while downgrading inflation forecasts but upgrading growth forecasts. Chair Powell was expected to maintain a neutral stance but leaned dovish by downplaying inflation risks and emphasizing labor market weakness, leading to a further decline in the US dollar. Key Fed speakers today include: - 13:00 GMT - Paulson (dovish) - 13:30 GMT - Hammack (hawkish) - 15:35 GMT - Goolsbee (hawkish) Traders should monitor how these remarks may influence the markets.