Preliminary UK and US GDP prints to be released today
Canadian inflation figures in the spotlight
Several central banks speakers to deliver speeches in Davos
The end of the week is marked by the preliminary releases of the GDP figures. Firstly, a reading for the UK economy will be published. In the afternoon US GDP print will be released along with durable goods orders. In the same time Canadian CPI for December will draw attention of CAD traders. Apart from that, several major central banks speakers are about to deliver their speeches at the World Economic Forum in Davos today.
9:30 am BST - UK, GDP for Q4. The most comprehensive measure of the economic activity. The UK GDP has shown some strength lately as it accelerated in the Q3 to 1.7% YoY against 1.5% YoY seen in Q2. However, this time surveyed economists point for a slowdown to 1.4% YoY. In QoQ terms GDP for Q4 is expected to amount 0.4% what would be the same value as in Q3. Keep in mind that this is a preliminary print.
1:30 pm BST - US, GDP for Q4 and Durable Goods Orders for December. A pack of data from the US economy. The annualized GDP for Q4 is expected to decelerate to the value of 3% QoQ against 3.2% QoQ seen in Q3. The dynamics of the durable goods orders for December are also expected to slow to 0.8% MoM against 1.3% seen last month. However, one should keep in mind that the reading for November was a large disappointment for investors as the market consensus called for 2% MoM. Keep in mind that the US GDP print is a preliminary release just like the UK one.
1:30 pm BST - Canada, CPI for December. Canadian inflation sped up significantly in the past two months as a print for October shown a value of 1.4% YoY and the following November reading came out at 2.1% YoY. This figures are really satisfying when it comes to the BoC monetary policy as the central bank set its inflation target at 2%. However, this time surveyed economists point for a reading of 1.9% indicating a slight downside.
Central Bank speakers scheduled for today:
10:00 am BST - ECB’s Coeure
1:00 pm BST - Fed’s Bullard
3:00 pm BST - BoE Governor Carney
3:00 pm BST - BoJ Governor Kuroda
Today’s simultaneous release of an important US and Canadian data may spur increased volatility on USDCAD. Will USD be able to pare some of its recent losses?