EUROPEAN SESSION
In the European session, we don't have anything on the agenda. The markets might just chop around amid lack of catalysts. There's a lot of noise at the moment as we approach the US NFP report tomorrow, so be careful out there.
AMERICAN SESSION
In the American session, the highlights will be the weekly US ADP data, the US Retail Sales, the US Import/Export prices and the US Employment Cost Index. The weekly ADP was a market moving indicator only on the first releases, then it stopped being important. Besides, we already got the monthly ADP for January, so today's release won't tell us anything new.
The US Retail Sales M/M is expected at 0.4% vs 0.6% prior, while the Ex-Autos M/M figure is seen at 0.3% vs 0.5% prior. The more important Retail Control measure is expected at 0.4% vs 0.4% prior. Note that this is the December release, so it's old data and won't change anything for the market pricing. Besides, Retail Sales is a volatile indicator and although it's a market-moving release, it rarely changes trends.
The US Employment Cost Index for Q4 is expected at 0.8% vs 0.8% prior. This is the most comprehensive indicator on wage growth and the Fed pays attention to it. Unfortunately, it's not as timely as the average hourly earnings data in the employment report.
Lastly, we get the US Import and Export prices data but that's rarely a market moving release. Besides, it's December's data so the market will ignore it.
CENTRAL BANK SPEAKERS
- 17:00 GMT/12:00 ET - Fed's Hammack (hawkish - voter)
- 18:00 GMT/13:00 ET - Fed's Logan (hawkish - voter)
