- Eurozone Inflation data headlined yesterday morning with a year on year print of 1.3%. That was in-line with expectations but was down on the 1.4% the previous month, and still remains well below the ECB’s 2% target.
- Touching on Inflationary issues yesterday ECB Member Benoit Coeuere said he only expects inflation to converge very gradually towards that 2% target, and it was for that reason the ECB still needs to leave an ample degree of monetary stimulus in place.
- The US jobs market continues to power on according to yesterdays data. The ADP Non-Farm print showed the US economy had created another 234,000 jobs in the private sector during January, that comfortably surpassed the 186,000 expected.
- The Canadian economy grew by 0.4% during the month of November as expected.
- The US Federal Reserve opted to keep interest rates on hold at 1.25-1.50% overnight. In their accompanying statement they offered nothing to suggest a 25bps wouldn’t go ahead in March as markets and traders are currently expecting. The Fed also suggested inflation would likely rise this year, and as a result they expect to see ‘further gradual’ rate increases.
- Australia Import Prices q/q 2.0% (1.5% Exp)
- Japan Final Manufacturing PMI 54.8 (54.4 Exp)
- China Caixin Manufacturing PMI 51.5 as expected
- UK Nationwide HPI m/m 0.6% (0.2% Exp)
- UK Manufacturing PMI is the key print this morning due at 9.30am.
- This afternoon there are a raft of figures out of the US, with ISM Manufacturing PMI the headline number at 3pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|12.30||USD||Challenger Job Cuts y/y||-3.6%|
|14.45||USD||Final Manufacturing PMI||55.5||55.5|
|15.00||USD||ISM Manufacturing PMI||59.0||59.7|
|15.00||USD||Construction Spending m/m||0.4%||0.8%|