Economic calendar: ECB interest rate decision and Q4 GDP from the USA

• ECB Interest Rate Decision
• Durable Goods Orders and PCE Inflation from the USA
• Q4 2023 GDP from the USA

Today's calendar includes several important publications. In the first part of the day, investors' attention will primarily be focused on the decision of the ECB, which will announce its decision on interest rates. Market expectations assume keeping interest rates at the same level. However, the conference of Chair Lagarde and the bank's assumptions related to the perspective of the first cuts this year may turn out to be more important.

Then, investors' attention will shift across the ocean. Before the opening of the cash session in the USA, data on PCE inflation, annualized GDP for Q4, and orders for durable goods will be published. The most important publication will be the level of growth of the US gross domestic product, GDP, whose annualized value is expected to fall to 2.0% compared to 4.9% in the previous quarter.

Detailed calendar of the day:

09:00 AM GMT, Germany - German Ifo Business Climate Index for January:

• forecast 86.7; previous 86.4;

01:15 PM GMT, Euro Zone - ECB Interest Rate Decision for January:

• forecast 4.50%; previous 4.50%;

01:15 PM GMT, Euro Zone - ECB Monetary Policy Statement

01:30 PM GMT, United States - GDP data:

• GDP Price Index (Q4): forecast 2.3% QoQ; previous 3.3% QoQ;
• GDP Sales (Q4): previous 3.6%;
• GDP (Q4): forecast 2.0% QoQ; previous 4.9% QoQ;

01:30 PM GMT, United States - Durable Goods for December:

• Durables Excluding Defense: previous 6.5% MoM;
• Durable Goods Orders: forecast 1.1% MoM; previous 5.4% MoM;

01:30 PM GMT, United States - Building Permits:

• forecast 1.495M; previous 1.467M;

01:30 PM GMT, United States - Durable Goods for December:

• Core Durable Goods Orders: forecast 0.2% MoM; previous 0.5% MoM;

01:30 PM GMT, United States - Employment Data:

• Initial Jobless Claims: forecast 200K; previous 187K;
• Continuing Jobless Claims: forecast 1,828K; previous 1,806K;

01:30 PM GMT, United States - Inflation Data:

• Core PCE Prices (Q4): forecast 2.00%; previous 2.00%;
• PCE Prices (Q4): previous 2.6%;

01:45 PM GMT, Euro Zone - ECB Press Conference

03:00 PM GMT, United States - New Home Sales for December:

• forecast 645K; previous 590K;

03:15 PM GMT, Euro Zone - ECB President Lagarde Speaks

04:00 PM GMT, Euro Zone - ECB President Lagarde Speaks