The markets were seen trading relatively subdued last week with lack of any big macroeconomic drivers.

Among the central bank meetings, the RBA and the RBNZ both kept the benchmark interest rates unchanged. The European Commission released its quarterly economic forecasts.

The EU commission predicts a stronger GDP growth in 2017 and 2018 as economic activity is forecast to rise at the fastest pace in a decade.

The euro was seen posting some recovery although the sideways range continues to exist for the most part.

Consumer price index in China rises 1.9% in October

The monthly consumer price index data released by the National Bureau of Statistics showed that inflation grew stronger in the month of October.

According to official data, consumer prices rose 1.9% on a year over year basis in the month of October. This was higher than the expectations of 1.8% and an acceleration from 1.6% inflation rate that was registered the month before.

On a month over month basis, inflation was seen rising 0.1%, which was however slower than the previous monthly increase of 0.5%.

The NBS data also released the monthly producer prices index data. Producer prices in China rose 6.9% on the year over year basis. This beat estimates of a 6.6% increase and inflation rose at the same pace as the month before.

Producer price index was seen to be moderating in the previous month after posting strong gains earlier. The better than expected data is likely to result in a potential tightening of monetary policy if the current trend continues.