The Day Ahead: Top 3 Things to Watch By Investing.com

The Day Ahead: Top 3 Things to Watch

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Top tier US economic data on tap

The final reading of third-quarter US economic growth due Thursday, measured by gross domestic product (GDP), is expected to confirm the U.S. economy grew at 3.3% in the previous quarter, matching the 3.3% growth achieved in the second quarter.

The Labor department releases its weekly count of the number of individuals who filed for unemployment insurance for the week ended Dec 15. Economist forecast initial jobless claims to rise by 6,000 to 231,000.

Ahead of the data, the dollar fell against its rivals amid the seasonal slump in trading volumes.

Canadian inflation in the spotlight

Canada will report inflation data on Thursday, expected to show inflation for remained steady, which could encourage the Bank of Canada to take a closer look at monetary policy tightening after following two-rate hikes this year.

Economist expected Canadian consumer price inflation in November rose 0.3%, meeting the 0.3% rise in the previous month.

Canadian employment data, however is expected to remain subdued with economists forecasting the economy created fewer jobs in December compared to the previous month.

The Canadian dollar recovered some its losses against the greenback as rising oil prices supported the oil-sensitive loonie.

Ahead of the data, USD/CAD fell by 0.39% to C$1.2829.

Bank of Japan Press Conference

The bank of Japan is expected to conclude its two-day press conference on Thursday amid expectations that central bank will maintain its massive stimulus programme despite concerns over the impact low rates has on the profitability of financial institutions.

The central bank expected err on the side caution on monetary policy tightening as inflation remains subdued at 0.8%, well below the bank of central bank’s target of 2%.

USD/JPY rose 0.48% to Y113.42.

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