UK Q4 GDP figures to be in focus
Good day, everyone! I hope that all of you had a pleasant rest over the weekend as we get things going in the new week here. It's been a bit of a quiet and mixed start to the new week apart from a notable spike lower and then recovery in the swissie (driven by low liquidity conditions) earlier on.
There wasn't really much in the move there and of note we're seeing USD/JPY regain some composure to test the 110 handle yet again. In the session ahead, UK Q4 preliminary GDP figures will be the notable release but it's not likely to tell us much that we don't already know as the UK economy continues to struggle in the wake of Brexit uncertainty.
0730 GMT - Bank of France January industry sentiment indicator
Prior report can be found here. A general gauge of confidence towards the French industrial sector/economy. Low-tier data.
0730 GMT - Switzerland January CPI figures
Prior figures can be found here. Headline inflation is expected to decline again but the core reading is expected to hold steady at +0.3% y/y. Nonetheless, it's a data point that is not going to change the swissie's outlook all too much as core inflation holding close to 0% means the SNB is still not in a position to move away from its current monetary policy stance.
0900 GMT - SNB total sight deposits w.e. 8 February
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
0930 GMT - UK Q4 preliminary GDP figures
Q3 figures can be found here. The main release of the European morning. The pound may have a bit of a wobble if the figures here miss on expectations (quarterly GDP is expected to grow by 0.3%) but regardless, the poor performance in Q4 is very much a known story at this point. Brexit uncertainty continues to grind the economy close to a standstill - based on January PMIs - so this shouldn't be of massive impact. Any major dip from the release here will likely be bought back up in the coming hour(s).
0930 GMT - UK December trade balance data
Prior report can be found here. A glimpse into trade conditions in the UK economy. Not a major release by any means.
0930 GMT - UK December monthly GDP
0930 GMT - UK December manufacturing, industrial, construction output
Prior release can be found here. Given that we'll observe the initial Q4 GDP estimates at the same time, the figures from the data here will matter little as they act more of an accompaniment in what makes up the quarterly figures.
That's all for the session ahead. I wish you all a great start to the week and good luck with your trading!