Fourth Quarter GDP Numbers from China to Dictate Risk Sentiment
Earlier in the Day:
It is a particularly busy start to the day on the economic calendar this morning, with the Chinese economy in focus. While fixed asset investments, industrial production, and retail sales will draw attention, 4th quarter GDP numbers will be the key stats of the day. Economists are expecting a sharp pickup in 4th quarter economic activity. Anything less will test risk appetite as the economies tackle the spread of Omicron.
The Day Ahead
For the EUR
It’s a quiet day ahead on the economic calendar. Economic data is limited to finalized December inflation figures for Italy. Barring any marked revision from prelim figures, we don’t expect too much influence on the EUR, however.
At the time of writing, the EUR was down by 0.04% to $1.1406.
For the Pound
It’s particularly quiet ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction. While it is a quiet day ahead, it’s a big week ahead for the Pound, with key stats likely to dictate BoE monetary policy through the quarter.
At the time of writing, the Pound was down by 0.04% to $1.3669.
Across the Pond
There are no stats to consider, with the U.S markets closed today.
At the time of writing, the U.S Dollar Spot Index was up by 0.04% to 95.201.
For the Loonie
Foreign securities purchases and manufacturing sales figures for November will be in focus. Barring dire numbers, we don’t expect the numbers to influence. The BoC Business Outlook Survey due out later in the day will draw plenty of interest, however. With the markets the Bank of Canada to lift rates this year, business sentiment will need to be upbeat.
At the time of writing, the Loonie was up by 0.02% to C$1.2549 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.