Economic calendar: UK jobs data to attract attention

9:55 am 17 December 2019

Summary:

  • UK jobs report for October/November seems to be the most important release today
  • Hungarian central bank is expected to stay on hold
  • A bag of US data including housing market, industrial output and JOLTS

9:30 am GMT - UK jobs report for October/November: The British pound gained a lot in the run-up to the UK election held last week. However, it’s been punched this morning after the news that Johnson wants to guarantee the Brexit transition period won’t be extended beyond 2020, notwithstanding a trade deal hammered out with the EU. While this thread seems play a salient role, it’s worth looking at economic releases anyway. The consensus suggests average weekly earnings increased 3.4% YoY in three months through October, while earnings excluding bonuses rose 3.9% at the same time. Moreover, the unemployment rate is expected to have ticked up to 3.9% from 3.8%.

1:00 pm GMT - Hungarian rate decision: No one expects the Hungarian central bank will change rates at its final meeting this year even as headline inflation keeps hovering above 3% YoY, the central bank’s price objective. Either way, along with the meeting a new set of macroeconomic projections will also be unveiled and it may turn out key once it foretells inflation momentum won’t fade away utterly over the projection horizon. 

1:30/2:15/3:00 pm GMT - Building permits and housing starts/industrial production/JOLTS from the US November/November/October: There will be a slew of economic releases from the US economy this afternoon. In the case of housing data the consensus assumes a slight improvement to 1345k when it comes to housing starts and a minor deterioration to 1418k as for building permits. In turn, industrial output is expected to have risen 0.8% MoM in the past month, after falling as deep as 0.8% MoM in October, the worst reading since mid-2009. Last but not least, JOLTS or a number of vacancies to fill in the economy, is anticipated to have decreased in October to 7009k from 7024k previously. Although it’s a lagging indicator it could tell us a lot as far as employers’ hiring intentions are concerned. 

Central bankers’ speeches: 

  • 8:00 am GMT - ECB’s Rehn

  • 12:00 pm GMT - ECB’s Kazimir

  • 1:00 pm GMT - Fed’s Kaplan

  • 1:30 pm GMT - ECB’s Lane

  • 5:30 pm GMT - Fed’s Rosengren

  • 7:15 pm GMT - BoE’s Carney

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world.