A preview of what's to come in the European trading session
Howdy, everyone! It's finally Friday but it's not quite time to relax just yet! There's US NFP to come today still. Here's a list of previews for your convenience.
The FX market has been a little dull so far in Asia but commodity currencies (AUD and NZD) are looking to be the main losers for the day. Although the loonie is so far holding in a narrow range against the dollar - who is holding firm on the day (but then same could be said at the same time yesterday, no?).
Anyway, here's what's coming up on the calendar in Europe:
0800 GMT - Spain January unemployment change
December's figure was pretty decent, but the expectations to start the year is for an increase of 52.5k in the unemployment figure for January. A minor data point.
0930 GMT - UK January construction PMI
Prior reading can be found here. Again, not a major focal point of the UK economy - reaction should play out similar to the manufacturing PMI yesterday in a result of a big miss/beat. Otherwise, most of the time produces a muted reaction.
1000 GMT - Italy January CPI data
Prior figures can be found here. Not one that will matter too much, as we had the Eurozone preliminary figures earlier in the week already.
1000 GMT - Eurozone December PPI data
Prior figures can be found here. A data that provides a rough gauge on inflation, but the issue here is that this is largely lagging. They are December figures, when we already had preliminary January readings for CPI earlier this week already. Not expected to have a major impact in the market on the release.
That's about it for data points today. Meanwhile, at 1000 GMT we'll also be having ECB member Benoit Coeure speaking at a conference on the topic of the EMU in Slovenia - just in case he has more comments on the euro.
Alright, I wish you all a pleasant day ahead and as always, good luck with your trading!
