UK PMIs were a mixed bag in December. Manufacturing remains strong, as the PMI accelerated to 57.5, up from 55.6 beforehand. This was the highest level since November 2017. Services PMI has slipped into contraction territory and came in at 49.4, below the neutral 50-level. Construction also remains in expansionary territory and the PMI came in at 54.6 points.
Canada’s economy showed a loss of 62.5 thousand jobs, the first decline since April. The unemployment rate ticked up to 8.6%, up from 8.7%.
- US Inflation Report: Wednesday, 13:30. CPI has been weak, but headline inflation is projected to rise to 0.4% in December. The core reading is expected to remain at 0.2%.
- ECB Monetary Policy Meeting Accounts: Thursday, 12:30. The accounts provide details of the ECB’s most recent policy meeting. Investors will be looking for any hints regarding future monetary policy and possible easing measures in the new year.
- British GDP: Friday, 7:00. The monthly GDP report has been falling and came in at just 0.4% in October. Analysts are braced for a sharp contraction of 4.6% in November.
- French CPI: Friday, 7:45. Inflation in the eurozone’s second-largest economy remains soft. The forecast for December stands at 0.2%, after an identical reading last month.
- Core Retail Sales: Friday, 13:30. Retail sales were dismal in November. The headline figure declined by 1.1%, while core retail sales contracted by 0.9%. In December, the numbers are expected to improve to 0.0% and -0.1%, respectively.
- EUR/USD forecast – for everything related to the euro.
- USD/JPY forecast – projections for dollar/yen
- AUD/USD forecast – predictions for the Aussie dollar.
- USD/CAD forecast – Canadian dollar analysis
- Forex weekly forecast – Outlook for the major events of the week.
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