Japan's GDP data due on Tuesday will help assess the speed of recovery of the second largest Asian economy in the third quarter and will provide additional direction for expectations regarding the monetary policy of the Bank of Japan. The ZEW Economic Sentiment Index in Germany should provide more insight into what we can expect from the ECB in December.

On Wednesday, USDCAD and Canadian assets will assess the policy decision of the Bank of Canada. The bank is expected to stand pat in the policy parameters. Canadian economy is recovering along with oil prices, so it makes sense for monetary authorities to keep stimulus powder for more extraordinary times.

The ECB's interest rate decision and Christine Lagarde's speech are expected on next Thursday. The latest data show that the scale of the shock after the second lockdown in the EU is not as profound as expected, as a consequence the ECB will likely opt for targeted measures that will not greatly affect the euro. US inflation and initial jobless claims will be an important piece of the economics puzzle ahead of the Fed meeting in December.

On Friday, the second metric of inflation in the US is due - inflation of producer prices. The data is expected to indicate a monthly gain of 0.1%.

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