Big Day Ahead for US Data | China’s Industrial Profits Show Largest Decline in 8 Months
Published November 27, 2019
Big day ahead for US Data with US GDP, Durable Goods Orders, and Core PCE all set for release today. Today’s cluster of data will be followed by US Thanksgiving and Black Friday to close out the week, which could make for a choppy price action across the FX markets.
China’s industrial profits posted their steepest fall in 8 months after the October year-on-year data showed a whopping 9.9% decline. This is just the latest in a string of disappointing data releases out of China’s industrial sector, which has been under pressure from the US trade saga and declining domestic demand.
The impeachment process is set to escalate once again next week, as the U.S. House Judiciary Panel has invited President Donald Trump to its first impeachment hearing. The hearing, which is scheduled for December 4, will come one day after the House Intelligence Committee is expected to release their formal evidence report. This report will be used by the Judiciary panel to decide whether to recommend a House vote on formal charges against Trump. If the Judiciary Committee does recommend charges, the vote could take place as soon as mid-December.