It was quiet for economic data yesterday, although oil prices jumped following reports that Saudi Arabia will cut oil production next month. By producing half a million barrels per day less, price have ratcheted up and will no doubt continue to rise. This will impact on global transport costs, as well as the cost of filling up tanks on forecourts around the world.
The dollar enjoyed a positive start to the week against the euro and sterling, with the gains being quite considerable. The only release of note from the US today is consumer inflation expectations for October, while tomorrow sees the inflation rate for October. On Thursday, we will see retail sales for last month, as well as initial jobless claims up to 10 November 2018.
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