• European indices set to open lower
• US CPI data for January due at 1:30 pm GMT
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile app• Speeches from 4 Fed members
European index futures point to a slightly lower opening of the cash session on the Old Continent today, despite upbeat Wall Street session yesterday and solid Asian session. JPY is a top performer among G10 currencies, while NZD dollar lag the most as investors digested latest data showing the Japan economy rebounded less than expected in the fourth quarter of 2022, with private consumption picking up as the country lifted border restrictions. NZD weakened sharply after RBNZ inflation expectations 2yr fell to 3.3% from previous 3.6%, while January Food Price Index jumped to 1.7% m/m from 1.1% in December, which raises hopes that New Zealand central bank may change its monetary policy to more dovish. GBP also appreciated as the unemployment rate in the UK was unchanged at 3.7% in Q4 of 2022, the same as in the previous period and in line with expectations.
Economic calendar for today's European morning does not contain any market-moving releases but things get more interesting in the afternoon. Key event of the day is the release of the US CPI report for January at 1:30 pm GMT. Market expects that inflationary pressures eased further last month, however US Fed 'insider' Timiraos and analysts from Goldman Sachs warn of a potential upside surprise. Later in the session, traders will also be offered speeches from 3 Fed members which may also be a source of volatility on markets.
10:00 am BST - Euro area, GDP report for Q4 2022 (2nd estimate). First release: 0.1% QoQ
10:00 am BST - Euro area, Employment change for Q4 2022 (preliminary). Expected: 0.2% QoQ. Previous: 0.3% QoQ
1:30 pm GMT - US, CPI report for January.
• Headline. Expected: 6.2% YoY. Previous: 6.5% YoY
• Core. Expected: 5.5% YoY. Previous: 5.7% YoY
9:30 pm GMT - API report on oil inventories. Previous: -2.184 mb
Central bankers' speeches:
• 2:30 pm GMT - Fed Barkin
• 4:00 pm GMT - Fed Logan
• 6:00 pm GMT - Fed Harker
• 7:05 pm GMT - Fed Williams
Top US earnings reports:
• Coca-Cola Company (KO.US) - before market open
• Airbnb (ABNB.US) - after market close
• Marriott International (MAR.US) - before market open
