FOMC

•     Fed minutes: Little desire to shift the language

•      Plenty of opinions to remove the “considerable time”, could happen in the December meeting

•      Over economic developments abroad, participants pointed to a somewhat weaker economic outlook and increased downside risks in Europe, China, and Japan, as well as to the strengthening of the dollar

•      Nonetheless, many participants suggested that the share of external trade in the US economy is relatively small, thus the effects of changes in the value of the dollar on net exports are modest

•      The preliminary HSBC China manufacturing PMI fell to 50.0, down from the October final reading of 50.4 and below expectations of a decline to 50.2

•      AUD and NZD weakened slightly following the release but recovered immediately

•      As for indicators PMIs will take center stage:

•      Eurozone’s , German and France preliminary PMIs all for November

•      Norway: Q3 DGP

•      US: preliminary Markit manufacturing PMI, the Philadelphia Fed business activity index, the CPI and Existing home sales for October, Initial jobless claims for the week ended on Nov. 15 and the Conference Board leading index for October are also coming out

•      Speakers: Riksbank Deputy Governor Martin Floden, ECB Executive Board member Yves Mersch and Cleveland Fed President Loretta Mester speak