Summary:

  • Manufacturing PMI prints from European economies to be released in the morning

  • USD traders may want to watch for jobless claims print ahead of NFP

  • US Manufacturing ISM reading in the afternoon

Today’s calendar is flooded with the readings from manufacturing sectors all over the world. January PMI prints are scheduled to be published for the vast array of European countries in the morning, including Germany and UK. This week’s weekly initial jobless claims reading may be a more interesting than the others as it is published one day ahead of the NFP report. Later on, the US manufacturing ISM print will take the spotlight. Having all of the above in mind, we may experience higher volatility on the EUR and USD tied FX pairs throughout the day.

8:55 am BST – Germany, Manufacturing PMI for January. The German manufacturing sector has been expanding rapidly since the beginning of 2016. However, a preliminary January print that was released on 24th January has shown a drop to 61.2 pts from prior 63.3 pts. Will today’s reading confirm the slowdown in the Europe’s biggest economy?

9:30 am BST – UK, Manufacturing PMI for January. Taking a look at the previous readings for the UK manufacturing sector we can see that it was expanding moderately since August 2016. This time market consensus calls for a print of 56.5 pts what would be a little up-tick against 56.3 pts seen last month.

1:30 pm BST – US, Initial Jobless Claims. A weekly reading concerning the number of people who filled for the unemployment insurance in the US. This number has been constantly decreasing since the peak in 2009 showing a solid recovery of the US labour market after the financial crisis. Surveyed economists point for a reading of 235k what would be more or less the same result as 233k seen last week.

3:00 pm BST – US, Manufacturing ISM for January. The US manufacturing sector has been constantly expanding as we have not seen ISM Manufacturing print show a value below 50 pts since August 2016 reading. However, this time market consensus points for a modest slowdown to 58.6 pts against 59.7 pts seen last month.

Central banks speakers scheduled for today:

11:15 am BST – ECB’s Praet

5:30 pm BST – BOE’s Brazier

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The rally on the EURUSD has cooled recently as the pair began moving sideways. Will today’s pack of data change this situation? Source: xStation5