UK labour market data and Germany ZEW survey on the agenda today
Good day, everyone! Hope you're all doing well as we properly kick start the trading week after US and Canadian holidays yesterday. The dollar and yen are holding their own on the new day so far with Asian markets less enthused compared to yesterday's showing.
The economic calendar today will have a couple of items for traders to look forward to so let's see what do we have in store for us in the European morning.
0700 GMT - Switzerland January trade balance data
Prior report can be found here. A general look at trade conditions in the Swiss economy. Not a major release by any means.
0900 GMT - Eurozone December current account balance
Prior release can be found here. An indication of flows in/out of the Eurozone economy. Low-tier data.
0930 GMT - UK January jobless claims change
0930 GMT - UK December average weekly earnings, unemployment rate
Prior release can be found here. One of the brighter spots in the UK economy as of late. Wages continue to experience upside pressure and is seen rising again in December; headline reading expected at +3.5%. That said, this needs to translate into inflation pressures and also consumption activity if it is to see a lasting positive impact on the pound. But for now, Brexit developments will still overshadow any upbeat readings here.
1000 GMT - Eurozone December construction output data
Prior release can be found here. Markets have already come to terms that Q4 economic activity in the region is rather subdued. Hence, the release here is very much negligible.
1000 GMT - Germany February ZEW survey current situation, expectations
Prior release can be found here. Economic sentiment is expected to deteriorate further and that's not good news as it continues to indicate that there are still rain clouds sitting atop the German and Eurozone economies. A minor data point but will feed into overall sentiment surrounding the euro and the region's weakening economy.
That's all for the session ahead but expect more headlines to follow with regards to Brexit and trade talks; to last throughout the week. I wish you all the best of days to come and good luck with your trading!
