The European session today is pretty empty on the data front with no market moving releases on the agenda. The main highlight is the US Consumer Confidence report in the American session. We will also get the US Durable Goods Orders but it's not a market moving release in general because it's too volatile and gets revised often.
15:00 GMT/10:00 ET - US January Consumer Confidence
The US Consumer Confidence is expected at 105.6 vs. 104.7 prior. Last month, consumer confidence dropped to 104.7 vs. 112.8 in November.
Dana M. Peterson, Chief Economist at The Conference Board said: “The recent rebound in consumer confidence was not sustained in December as the Index dropped back to the middle of the range that has prevailed over the past two years”.
“While weaker consumer assessments of the present situation and expectations contributed to the decline, the expectations component saw the sharpest drop. Consumer views of current labour market conditions continued to improve, consistent with recent jobs and unemployment data, but their assessment of business conditions weakened.”
This might have been just an outlier among lots of upbeat economic data. Overall, we are still in the range that has prevailed over the past two years, and we haven’t got any strong catalyst that could suggest a sudden weakening in the economy.
