Economic data coming up in the European session
German Q4 GDP in focus today
Happy Valentine's Day, everyone! Hope you're all doing well as we look to get things going in the session ahead. It's been a steady start as the market is still testing waters and figuring out the whole coronavirus outbreak situation after the mixed day yesterday.
US stocks did not post fresh record highs but still chalked up a win - at least in my books - as it reversed heavy losses amid concerns surrounding the coronavirus outbreak.
It is a Friday once again and over the past three weeks, there has been a common theme in which we see risk sell off on uncertainty ahead of the weekend. However, this time around there is much more hope and optimism so a repeat isn't a given.
Looking ahead, the key focus will be a battle of risk but we do have some euro area economic data to navigate through - notably Germany Q4 preliminary GDP data.
0700 GMT - Germany January wholesale price index
Prior release can be found here. The index measures the value of sales made by wholesalers in Germany, it provides an indicator of consumption and retail pattern. A minor data point.
0700 GMT - Germany Q4 preliminary GDP report
The Q3 report can be found here. Expectation is for Germany to narrowly avoid a contraction but economic growth remains rather stagnant towards the end of last year. As such, just be mindful that a negative reading could precipitate further weakness in the euro as the outlook becomes more shaky.
0730 GMT - Switzerland January producer and import prices
Prior release can be found here. A proxy indication of inflation pressures in the Swiss economy. Not a major release by any means.
1000 GMT - Eurozone December trade balance data
Prior release can be found here. General indication of trade conditions in the euro area economy, acts as an accompaniment to the overall Q4 GDP report.
1000 GMT - Eurozone Q4 GDP second reading
The preliminary release can be found here. Barring any major revisions to the initial estimates, the secondary readings here should offer little to markets in general.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!