Economic calendar: UK production data in the spotlight

• Monthly GDP and production data from the United Kingdom

• Italian retail sales seen rising in November after a drop in October

8:00 am GMT - Czech Republic, CPI inflation for December. Expected: 3.1% YoY. Previous: 3.1% YoY

9:00 am GMT - Italy, retail sales for November. Expected: 0.1% MoM. Previous: -0.2% MoM

9:30 am GMT - UK, production and GDP for November. The UK data pack is the only big release from major economies scheduled for today. Manufacturing production is expected to drop 1.6% YoY after a 1.2% decline in October. Industrial production is forecasted to decline 1.4% YoY. Monthly GDP print is expected to show no growth in November (0.0% MoM). GBP traders should watch incoming data closely after some BoE members hinted that they may vote for a rate cut in case the economy does not improve.

1:00 pm GMT - Poland, trade balance for November. Polish trade data for November is expected to show exports dropping from €21.791 billion to €20.653 billion and imports dropping from €21.351 billion to €20.392 billion. Trade balance for November is expected to come in at around €300 million

Central bankers’ speeches

• 8:00 am GMT - Riksbank’s Jansson

• 3:00 pm GMT - Fed’s Rosengren

• 5:40 pm GMT - Fed’s Bostic