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This week is extremely risk heavy and the focus is on the OPEC meeting on Wednesday.
What to watch for over the coming days:
- Central banks:
The European Central Bank (ECB) is set to draw all the attention this week on Monday when the central bank President Mario Draghi will appear before European Parliament’s Economy Committee in Brussels and answer questions from lawmakers. It is scheduled to begin at 14:00 GMT. She will be asked about the ECB plans when the bond buying ends in March and plans to contain banking sector risks.
- OPEC meeting:
OPEC members are scheduled to meet in Vienna on November 30th and work on a deal, for which the structure was placed in September at an informal meeting in Algeria. However, doubts have emerged over the deal as the largest producer Saudi Arabia has reportedly taken a hard stance by offering to cut 4.5 percent of the production if Iran freezes production at the current level of 3.8 million barrels per day and non-OPEC countries like Russia joins the deal. In addition to that, all members would have to abide by third party production estimates by the secretariat.
- US Jobs:
The US will report, November payroll numbers on Friday. It is one the most vital data that the Fed would look into before the meeting in December, where the policymakers are expected to hike rates by 25 basis points.
