FXStreet (Barcelona) - The TD Securities Team preview the data releases for this week in the UK, US and Eurozone, noting the German CPI today and Eurozone CPI on Wednesday to be the key data for the markets.
Key Quotes
“Looking ahead, we have a busy week around the world. For the UK we have the services PMI still to come tomorrow, where we already thought that the risks lay to the downside versus consensus, but that’s even more the case after the softer manufacturing PMI on Friday and construction PMI today. We also have the November hard data on Friday, where we see a mixed result with upside risks to IP, but downside risks to construction output.”
“In the Eurozone, the key data will be German CPI today, and then Eurozone CPI on Wednesday, where it’s looking like the move lower could be steeper than we had initially thought.”
“Outside of that we have German IP on Friday, where we think that the risks also lie toward a weaker print. This will be some of the last hard data into the ECB decision on the 22nd, and while there are still many factors to consider, further downside growth surprises increase the risk that we see QE delivered sooner rather than later.”
“In North America we have dual December employment reports on Friday, and we’re sitting below consensus for both the US and Canadian numbers. For US payrolls we look for a more down-to-earth gain of 215K after the huge 321K increase the month before (mkt 240K), and for Canada we look for a flat print for employment, compared to consensus of +10K.”
“In the US we also have the FOMC minutes on Wed, where markets will attempt to glean some clarity on whether “patient” is a temporary placeholder or whether the statement has a longer shelf life.”
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Data ahead: German CPI key data today – TDS
