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US stocks fluctuated strongly ahead of the Fed minutes as investors anticipate signals of slower rate hikes in the future. Data showed that the S&P 500 and Nasdaq 100 trudged between modest gains and declines.
But for today, trading volumes are expected to be lower because of the Thanksgiving holiday in the US.
In the EU, investors are more focused on the data showing that private sector activity in Germany and France declined in November. This painted a gloomy picture, pointing to a gradual approach to recession. Similarly, the UK economy is also in recession, and the downturn is expected to worsen in 2023.
The USD index fell after data showed US jobless claims rose more than expected. Meanwhile, oil prices fell after the EU discussed higher price caps of about $65 to $70 a barrel.
The Fed minutes will indicate whether the central bank succeeded in curbing inflation. Many already think that it has eased, reducing worries for the economy.
Key events for this week:
- ECB policy meeting report
- early closing of US stock and bond markets due to the holiday
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