We've got a fair few events on the docket today. Here's what's coming up
US building permits and housing starts for January come at the bottom of the hour so we get to see how Q1 is going to start off in the housing market.
Permits are expected to come in at 1.200m vs 1.204m in Dec, starts at 1.170m vs 1.149m prior. A big downside miss might jangle a few nerves and the dollar but housing has been as steady, if not as strong, as the jobs market, so real worries won't kick in unless we start seeing sustained weakness. A good beat will send the buck higher, though it might not have the legs to sustain a any big move.
Jan US PPI final demand also comes out at 13.30 GMT. Recently it's shown the clear definition between energy related prices and non-energy. PPI all in is expected -0.6% y/y vs -1.0% prior. Ex-food and energy is forecast at +0.4% y/y vs +0.3% prior. If we see the gap narrowing between the all in and core numbers that's going to be worrisome for the inflation picture.
Industrial production comes at 14.15 GMT and expected at 0.4% vs -0.4% prior m/m. Manufacturing output +0.3% exp vs -0.1% prior m/m. Capacity utilisation is set to print at 76.7% vs 76.5% prior
All that leads us up to the FOMC minutes at 19.00 GMT and we'll get to hear further thoughts from the FOMC members. Considering we've had Yellen appearing twice I'm not sure that they'll be game changing but the market will be looking for any extra insight to shape the March expectations.
