Friday preview: Fed minutes, global manufacturing in focus

The focus at the end of the week will shift back towards central banks as the US Federal Reserve publishes the minutes of its most recent policy meeting.

Analysts at Barclays Research believe that the account of the 10-11 December meeting of the Federal Open Market Committee will reveal "extensive" discussions of the recent tensions in short-term funding markets as well as around the longer-term policy objectives of the monetary authority.

Linked to the above, investors will be on the lookout for potential policy-relevant remarks from at least five top Fed officials, including the presidents of the regional Fed banks of Dallas, Chicago, Richmond, and San Francisco, as well as from Governor Brainard.

Global manufacturing will also continue to be high on investors' agenda, with the US Institute for Supply Management's monthly factory sector Purchasing Managers' Index set for release at 1500 GMT.

"With year-end concerns out of the way, the market will be paying close attention to ISM manufacturing data on Friday. Stronger data can exert upward pressure on rates, but with equities already pricing in good news, there is potential for risk markets to come away disappointed in the event of weaker data," chipped in analysts at TD Securities.

Back home, the market spotlight will be on the release of consumer credit and mortgage lending data covering the month of November, at 0930 GMT.

Those figures will be released alongside euro area money supply data for November at 0900 GMT and figures on German unemployment in December at 0855 GMT.

Readings on French and German consumer prices in December are also due out, at 0745 GMT and 1300 GMT, respectively.

Friday 03 January

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