FX Daily

* Germany releases the first inflation data for November. The annual inflation rate (HICP) is expected to rise slightly to 1.4% (consensus 1.3%) from 1.2% in October. We do not expect to see a further decline in German inflation until the December print, when technical changes to seasonality will push inflation 0.6 percentage points lower.

* In the euro area money and credit growth will be in focus. M3 growth has slowed a bit in recent months to 1.7% in October. If this trend continues it will be another argument for the ECB to provide more stimulus early next year. On the credit side monthly loan flows for households have increased a bit lately but the underlying growth in credit is still very weak.

* The EU Commission releases the monthly confidence surveys for business and consumers. We should see a further rise in business confidence, whereas the flash estimate for consumer confidence showed a slight decline.

* The US markets are closed today due to Thanksgiving.

* Danmarks Nationalbank is set to publish its monthly securities statistics and foreign portfolio investment data for October and in Sweden retail sales data will be released.