• A pack of data from the US

  • Weekly DOE report expected to show another decrease of inventories

  • NZ Business PMI to be released in the evening

Thursday’s calendar is filled with the economic releases from the North America. In the early afternoon US data concerning labour and housing market may provide some additional support for the USD on its way to recovery. Oil traders may want to stay cautious ahead of government report on the oil inventories as it is expected to show a decrease for a 9th week in a row. Figures concerning China’s GDP in Q4 has been released in the morning. World’s second largest economy surprised a little to the upside as it showed the GDP growth accelerated to 6.8% against 6.7% expected in the YoY terms.

1:30 pm BST – US, Housing Starts (for December) and Initial Jobless Claims. A pack of data from the US concerning housing and labour market. In terms of housing starts market consensus calls for a print of 1275k. This would indicate a small downside against 1297k seen last month. Looking at the initial jobless claims surveyed economists point out for a reading of 249k and that also would be a downside against 261k seen last month. Yet in the latter case a decrease is generally a bullish signal for a USD.

3:00 pm BST – US, Crude Oil Inventories. A rally on the oil market goes on but we can see some signs of exhaustion already as the oil prices retreated from their recent highs. Market consensus calls for another decrease of the US oil stocks and it would be a 9th week in a row when we see inventories shrink. This time surveyed economists point out for a reading of -2075,1k. We can see it is a much smaller decrease than last week’s -4948k thus one may assume that the market is finally approaching a state of balance.

9:30 pm BST – New Zealand, Business PMI for December. Index measuring activity of purchasing in the NZ manufacturing sector. A print above 50 pts suggests that the sector is expanding. We have not seen a reading below 50 pts since December 2012 thus it is clearly visible that the sector’s condition is strong. Last month’s print came out at 57.7 pts.

Central bank speakers scheduled for today:

  • 8:15 am BST – ECB’s Weidmann

  • 2:30 pm BST – ECB’s Coeure

  • 5:30 pm BST – BoF’s Villeroy

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NZDUSD still remains in the close vicinity of an important resistance zone. Source: xStation5