Latest data released by Eurostat – 12 November 2021
All in all, output is leaning on the softer side towards the end of Q3 but that is to be expected given the more persistent supply and capacity constraints.

A look at what is on the board for today
Just a couple to take note of on the day, as highlighted in .
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The one in particular for USD/JPY at 114.00 may look to keep price action more sticky despite higher front-end yields for now, before rolling off later in the day.

That fits with market expectations for the most part
I don’t think OPEC+ is rushing to make any changes to its output policy and they will have another look at things next year as they reassess the global outlook.

USD/CAD moves up to 1.2570, its highest since 7 October, and threatens a break of its 100-day moving average
Commodity currencies are bearing the brunt of the drop in the FX space today, being punished with the dollar pushing higher; even though the greenback’s advance against the euro and pound has been trimmed in the past

Gold up 0.7% to $1,862 on the day
Amid the reaction to the US CPI data yesterday, gold managed a big technical breakout to its highest levels since mid-June as real yields tumbled to fresh record lows. And so far today, gold buyers are building on that as price pushes higher in European trading.

The EU releases its latest projections on the euro area economy
On the economic outlook, the Commission noted that the new headwinds are mounting as supply-side challenges continue to persist and surging energy prices look set to weigh on consumption and investment.

ECB remarks in its latest economic bulletin
First, energy prices – especially for oil, gas and electricity – have risen sharply. In September, energy inflation accounted for about half of overall inflation. Second, prices are also going up because recovering demand related to the reopening of the economy is outpacing supply. These dynamics are especially visible

Reuters reports, citing sources with knowledge of the matter

The weekly initial jobless claims report is brought forward to today
There will be no economic releases as well, so that means the data for tomorrow i.e. weekly initial jobless claims, is brought forward to today.

Just another data point to fight over without any real answers for now
The estimate is for headline annual inflation to keep at the highs, at +5.3% y/y in October while core inflation is estimated to hold at +4.0% y/y.