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5 things we should watch this week
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Loading...- PMI in euro zone for February
The euro zone is to publish preliminary data on manufacturing and service sector activity for February at 11:00am (BG time) on Tuesday, amid expectations for a modest decline.
Ahead of the euro zone PMI's, France and Germany will release their own PMI reports at 10:00am and 10:30am respectively.
Other data out of the euro zone this week include final inflation and consumer confidence figures.
In addition, market participants will be focusing on Wednesday's IFO survey data on German business confidence to gauge sentiment in the euro zone's largest economy.
- Second estimate for UK's fourth quarter GDP
The Office for National Statistics is to produce a second estimate on U.K. fourth-quarter economic growth at 11:30am on Wednesday.
The report is forecast to confirm the economy grew 0.6% in the final three months of last year, underlining the view that the British economy remains on a solid footing.
On a year-over-year basis, the economy is forecast to grow by 2.2%, also unchanged from an initial estimate.
The Bank of England raised its forecasts for growth and inflation earlier this month, but appeared in no rush to raise interest rates.
- USA home sales data for January
The National Association of Realtors is to release data on existing home sales for January at 5:00pm on Wednesday, amid forecasts for a gain of 1.0% to 5.55 million, following a decline of 2.8% a month earlier.
On Friday, the Commerce Department is to publish a report on January new home sales at 5:00pm.
Markets in the U.S. will remain closed on Monday for President’s Day.
Headlines from Washington will most likely remain in focus in the week ahead, as traders await further details on President Donald Trump's promises of tax reform, deregulation and infrastructure spending.
- Fed FOMC Meeting Minutes
The Federal Reserve will release minutes of its most recent policy meeting on Wednesday at 5:00pm.
The U.S. central bank held interest rates steady following its meeting on February 1 and painted a relatively upbeat picture of the economy, although it gave no firm signal on the timing of its next rate move.
There are also a few Fed speakers this week.
Fed Chair Janet Yellen raised market expectations for a near-term rate hike last week after saying it would be “unwise” to keep interest rates lower for longer.
- Retail sales and CPI in Canada
Canada is to release December retail sales figures at 3:30pm on Wednesday.
The consensus forecast is that the report will show retail sales rose 0.1%, after rising 0.2% in October. Core sales are forecast to climb 0.8% in December, after ticking up 0.1% a month earlier.
On Friday, Canada is to publish data on consumer price inflation for January at 3:30pm. The data is expected to show that inflation increased 0.3% last month, after falling 0.2% a month earlier. On a yearly base, CPI is projected to climb 1.6%.
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