Daily Economic Calendar – All Important Day at The Fed

The day begins with the Tenkan Manufacturing index that is expected to come in at 10. The Japanese data has been in the background as of late as everything related to the dollar has taken centre stage. Then, during the London session, we have the Claimant count change which is expected to come in at 6.2K and then the average earnings index, both from the UK, which is expected to come in at 2.3%. The pound bulls would be hoping that the trend of continuously improving data to continue today as well. We also have the BOE Governor Carney speaking later on in the day.

Then we have the retail sales and PPI data from the US which are expected to come in at 0.4% and 0.1% respectively and the market would like to see the data meeting the expectations so that the markets can continue to hope for further rate hikes in 2017. Then, deep into the NY session, comes the most anticipated news of the year which is the Fed rate hike, the statement and then the press conference from Yellen. The market has priced in a rate hike already and so there is not much choice for the Fed but to follow suit and announce the same. It is the statement and the press conference that will be key to see if the Fed drops any hints for further hikes in 2017.