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US in focus again

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There is an Anglo-Saxon bias to data today. However, Shirai of the Bank of Japan was sounding quite downbeat on the prospect of the BoJ meeting its inflation target any time soon. French consumer confidence is due, following a surprise improvement in the business sentiment yesterday.

UK GDP is revised for the third quarter, and should show little significant change. The concerns about the potential damage from the Euro area are still out there, although the importance of the Euro area as a trading partner has diminished. CBI distributive trades data will give hints on domestic demand.

US personal consumer spending follows consumer strength in yesterday's GDP revisions. The deflator will be closely watched in the belief that the Fed favours this as an inflation indicator, although when it comes to inflation a catholic range of indicators is best.

We also have US Michigan consumer sentiment and the Chicago PMI of manufacturing sentiment. The importance of both is perhaps heightened by the moderation in the Conference board and Richmond data yesterday. We have an above consensus improvement in consumer sentiment forecast.

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