Monday 5th December

– 09:30 GMT, UK: Services PMI: A decline in this index could reverse some of the pound’s recent gains, at least on the news.

– 15:00 GMT, US: ISM non-manufacturing PMI: The risks surrounding the forecast can be seen as skewed to the upside, given that this report could show that expectations over Trump’s fiscal policies may have boosted business optimism.

This is likely to be USD-positive.

Tuesday 6th December

– 00:30 GMT, Australia: RBA rate decision: The RBA is expected to stand pat and maintain its neutral tone.

The AUD reaction will depend on the language of the statement. Hints that the Bank may remain on hold for a while could support AUD.

Wednesday 7th December

– 00:30 GMT, Australia: GDP, for Q3: Such a slowdown could bring AUD under renewed selling interest. However, considering the strong retail sales and iron ore prices in Q3, the risks surrounding the forecast may be skewed to the upside.

– 15:00 GMT. Canada: BoC rate decision: The BoC is likely to be happy with the OPEC outcome and the higher oil prices, and thus is possible to maintain a neutral stance overall. Optimistic comments could extend the CAD’s recent gains.

Thursday 8th December

– 12:45 GMT, Eurozone: ECB policy meeting: The ECB is expected to extend the minimum duration of its existing QE program, but introduce no fresh measures. Even though this announcement could hurt EUR somewhat on the news, the main focus may fall on Draghi’s press conference.

13:30 GMT, Eurozone: ECB President Mario Draghi holds a press conference after the rate decision.

Friday 9th December

– 01:30 GMT, China: CPI & PPI, for November: Given that the Caixin manufacturing PMI for the month found that both input costs and prices charged rose at the fastest rates since 2011, both the CPI and the PPI rates are likely to rise, which could diminish further the likelihood for the PBoC to take any action in the foreseeable future.