Wednesday economic calendar will focus on the Euro Zone and the US. In Europe the retails sales report will be expected, and this could be a key piece of information for currency traders. With the Euro currently in a downtrend versus most currencies, this could put some extra pressure on the Euro.
Equity Markets might rally when strong retail sales data is released. If the retail sales data is weak, equity markets could fall. Rising Retail Sales are usually associated with a strong economy. A strong economy is favorable for a stronger currency.
Later on, German industrial production for September will be released. A decline of 0.5% is expected.
In the UNITED STATES tomorrow the financial market could be all mixed up. The election result will probably determine the market direction or it could even swing side ways as Consumer Credit for September is expected to be revised down, and the EIA will release its petroleum status report which highlight information on petroleum inventories in the U.S. It is expected that inventories could be lower as a result from sandy hurricane.
The US Crude has today gained 271 points as traders expect the market to react positively to the low petroleum inventory.