Summary:

  • Preliminary GDP and CPI prints from Europe in the morning

  • CB Consumer Confidence reading to be released in the afternoon

  • Oil traders may want to stay cautious in the evening as weekly API report will be published

Taking a look at the Tuesday’s economic calendar one can spot a vast amount of macro releases from Europe in the morning, including preliminary GDP prints for Eurozone and the preliminary CPI print for Germany.  We will get some data from the US economy in the afternoon, including CB consumer confidence index. Apart from that, Bank of England Governor Carney is about to deliver a speech before UK parliament’s Economic Affairs Committe in the afternoon.

10:00 am BST – Eurozone, GDP. The GDP growth in the EMU has been constantly accelerating in the recent years. Market consensus points for 2.7% YoY what would indicate another pick-up in dynamics as the previous reading showed 2.6%. In QoQ terms surveyed economist point for a 0.6% what is in line with the previous reading. However, keep in mind that these are just a preliminary prints. The actual ones will be published on the 14th February.

1:00 pm BST – Germany, CPI for January. The inflation rate in the Eurozone’s biggest economy. The price dynamics readings for Germany have not shown a lower values than 1.5% for over a year. In the MoM terms inflation in January is expected to slow down severely to the value of -0.6% against 0.6% seen last time. In the YoY terms market consensus points for a reading of 1.7% that would be in line with the prior release. One should keep in mind that this is also a preliminary reading.

3:00 pm BST – US, CB Consumer Confidence for January. Gauge measuring the level of consumers confidence in the economy. Since the low of 25 pts in the early 2009 the readings have been constantly improving reaching peak o 129.5 pts in November 2017. This time surveyed economists point for another solid print of 123 pts indicating a slight upside against 122.1 pts in the previous month.

9:35 pm BST – US, API Weekly Crude Oil Stock. A weekly API report on the oil inventories that can be used as a hint ahead of the official DOE report. However, keep in mind that API and DOE reports has shown contrary readings last week. Last week API has shown a huge build up in the inventories at the level of 4.755M while the DOE pointed out for a decrease of 1071M.

Central bank speakers scheduled for today:

3:30 pm BST – BoE Governor Carney

4:30 pm BST – ECB’s Mersch

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After peaking well above 1.25 during post-ECB conference EURUSD has retreated afterwards. Will today’s data provide support for euro to continue its rally? Source: xStation5