The second week of December featured pivotal central bank meetings that shaped the trajectory of monetary policy, alongside significant inflation reports in the United States.
Great Britain:
● At 1:00 p.m. GMT, Bank of England Deputy Governor Ramsden delivered a speech highlighting the regulator's policy directions ahead of key economic events later in the week.
Australia:
● At 3:30 a.m. GMT, the Reserve Bank of Australia left its key interest rate unchanged at 4.35%, as expected.
Germany:
● At 7:00 a.m. GMT, the November inflation report showed a monthly CPI decline to -0.2% (previous: 0.4%) and an annual increase from 2.0% to 2.2%.
United States:
● At 1:30 p.m. GMT, November inflation data showed the core CPI holding steady at 3.3% year-over-year and 0.3% month-over-month. The overall CPI rose from 2.6% to 2.7% year-over-year, with a 0.3% monthly increase.
● At 3:30 p.m. GMT, the US Department of Energy reported a 1.425 million barrel decline in crude oil inventories.
Canada:
● At 2:45 p.m. GMT, the Bank of Canada announced a key interest rate cut from 3.75% to 3.25%.
● At 3:30 p.m. GMT, a press conference provided further insights into the decision.
Australia:
● At 12:30 a.m. GMT, the November labor market report showed employment growth of 35.6 thousand (forecast: 26 thousand; previous: 12.2 thousand) and an unexpected unemployment rate drop to 3.9% (forecast: 4.2%).
Switzerland:
● At 8:30 a.m. GMT, the Swiss National Bank surprised markets by cutting its key interest rate from 1.00% to 0.50% (expected: 0.75%).
● A press conference followed at 9:00 a.m. GMT.
Eurozone:
● At 1:15 p.m. GMT, the European Central Bank reduced its key rate from 3.40% to 3.15%.
● At 1:45 p.m. GMT, the ECB held a press conference.
● This was followed by Christine Lagarde’s speech at 3:15 p.m. GMT.
United States:
● At 1:30 p.m. GMT, producer price index (PPI) data showed an increase from 0.3% to 0.4% year-over-year, while core PPI dropped from 0.3% to 0.2%.
● Initial jobless claims fell to 242,000 (previous: 225,000).
United Kingdom:
● At 7:00 a.m. GMT, the November GDP report is expected, forecasting 0.1% month-over-month growth (previous: -0.1%).
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