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Citing elevated inflation, the Bank of Canada on Wednesday announced its sixth consecutive interest rate increase of the year. The Bank of Canada raised its target for the overnight rate by 50 basis points to 3.75 percent, although economists had been expecting another 75 basis point rate hike.

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After a quiet economic calendar last week, the coming days will see several important US data releases.

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The euro area private activity slipped into a deep downturn in October as both manufacturing and services sectors contracted at faster rates, flash survey results from S&P Global showed Monday. The S&P Global composite output index fell to a 23-month low of 47.1 in October from 48.1 in the previous month. The reading was also below economists' forecast of 47.5.

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The manufacturing sector in Australia continued to expand in October, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 52.8.

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New Zealand posted a merchandise trade deficit of NZ$1.615 billion in September, Statistics New Zealand said on Friday.

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