Preliminary Eurozone & US PMIs, UK retail sales, US Existing Home Sales in focus
09.00 GMT onwards – Eurozone – PMIs (Jan, P) – The preliminary Markit PMIs for January for France, Germany, the Eurozone and the US will be released. These are the first major indicators for the New Year and as such should be closely watched. Until recently the survey data has been stronger than the actual data, but it looks like this discrepancy may start to be rectified – German and Eurozone manufacturing PMIs are expected to decline slightly. That could add to doubts about the Eurozone economy following ECB President Draghi’s comments that “downside risks have increased again” and could prove EUR-negative, especially if the US PMI comes in a bit higher, as expected. Investors too must be vigilant!
09.30 GMT – UK – Retail Sales (Dec) – The recent slowdown in wages growth recently may limit the scope for sales to rise.Expectations are for a mom decline in sales, which could add to the “slowing UK economy” idea and depress GBP.
15.00 GMT – US – Existing Home Sales (Dec) – Existing home sales are forecast to show a solid increase to a 5.2mn annual pace from 4.76mn. However, most of the December housing data announced so far has been disappointing. Housing starts in particular fell below the previous month’s levels, which was amazing considering that it was the warmest December on record, as did building permits. This National Association of Home Builders housing market index also slipped a bit. Housing in general has been performing well within the generally slowing US economy. A good figure Fridaycould prove USD-positive if it counters the downbeat view from the other December housing data.
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