The year continues to wind down but there’s some important economic data to set the stage for 2023 coming up today.
First up at the bottom of the hour is the Canadian November CPI report and US current account data. The Canadian numbers are expected to show inflation flat in the month in an important sign of progress for the BOC. Current pricing shows a 41% chance of a BOC hike on Jan 25 with the remainder pricing no change.
The highlight on the US economic calendar is at 10 am ET with December consumer confidence, which is expected to bump up to 101.0 from 100.2. This is a much better economic indicator than the UMich survey. At the same time we get the Nov US existing home sales number.
We also get US weekly oil inventories and a 20-year sale today.
