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In the European session, we get the final French and Spanish CPI readings, as well as the second estimate of the Eurozone Q3 GDP. The final data is almost never market-moving because markets react more to preliminary figures. The same goes for the second estimate of the GDP. Therefore, the data won't change anything for the ECB, so the market reaction will likely be muted.

The focus will remain on the Fed and especially US-Iran developments, as the risk-off sentiment strengthened yesterday after Trump stated that the US doesn't need a deal with Iran.

In the American session, we have the US PPI report. The PPI Y/Y is expected at 6.6% vs 6.3% prior, while the M/M measure is seen at 0.4% vs 1.3% prior. The Core PPI Y/Y is expected at 5.0% vs 5.0% prior, while the M/M figure is seen at 0.3% vs 0.7% prior.

The data is unlikely to change much at this point since most of the hawkish repricing has already taken place after Fed governor Waller's remarks and the hotter than expected US CPI. The market is currently pricing in an 89% chance of a 25 bps hike in December and an 11% probability of a larger 50 bps move.

This article was written by Giuseppe Dellamotta at investinglive.com.