EUROPEAN SESSION
In the European session, we don't have much on the agenda other than the French business confidence data which is not going to change anything for the ECB, so the market reaction will be muted.
AMERICAN SESSION
In the American session, we get the weekly US ADP jobs data and the US Consumer Confidence report. The weekly ADP was a market moving indicator only on the first releases, then it stopped being important. Nonetheless, the data has been showing significant improvement like many other US labour market data.
The US Consumer Confidence is expected at 87.1 vs 84.5 prior. The last report surprised to the downside. The Chief Economist at Conference Board wrote: “confidence collapsed in January, as consumer concerns about both the present situation and expectations for the future deepened. All five components of the Index deteriorated, driving the overall Index to its lowest level since May 2014 (82.2), surpassing its COVID-19 pandemic depths.”
This is a market moving report, especially when the deviations from expectations are large, but at this point it's very unlikely to change anything for the Fed or the market.
CENTRAL BANK SPEAKERS
- 10:30 GMT/05:30 ET - ECB's Kocher (neutral - voter)
- 13:00 GMT/08:00 ET - Fed's Goolsbee (neutral - non voter)
- 14:00 GMT/09:00 ET - Fed's Collins (neutral - non voter)
- 14:00 GMT/09:00 ET - Fed's Bostic (hawkish - non voter)
- 14:10 GMT/09:00 ET - Fed's Waller (dovish - voter)
- 14:35 GMT/09:35 ET - Fed's Collins (neutral - non voter)
- 20:15 GMT/15:15 ET - Fed's Barkin (neutral - non voter)
