The US & UK January CPI Wednesday [Video]

Economic calendar is relatively busy on this Wednesday, so let's take a closer look. A batch of UK reports open this agenda at 9:30 in the morning, including the high importance Consumer Price Index for January. According to the Office for National Statistics, the 12-month inflation rate was 2.1 percent in December, which was down from 2.3 percent in November. The UK Producer prices for January and House Price Index for December will be published at the same time. The data run continues a half an hour later when the Euro Zone Industrial Production stats for December will be available. Production dropped by 1.7 percent month on month in November after posting a fractional gain in October. The publication of the US Consumer Price Index for January is a potential Greenback mover at 1:30 PM GMT. Prices slipped by one tenth of a percent month on month in December, driven lower by the gasoline index. The US Federal Budget Balance for December is up next at 7 PM. Deficit surged to nearly $205 billion in November, which was the highest level on record for the month. Kiwi Dollar traders will be monitoring closely a speech by the Reserve Bank of New Zealand Governor Adrian Orr at ten minutes past 7 PM. This will be followed by another New Zealand item as the January data of New Zealand Food Price Index will be released at a quarter to ten. Preliminary Japanese GDP for the fourth quarter is up next at ten to midnight GMT. Economy contracted at a quarterly pace of point 6 percent in the third quarter, wiping out a large part of second quarter's increase. Australian Melbourne Institute Inflationary Expectations Survey for February will be released at midnight. Then the UK Residential Market Survey for January wraps up this agenda shortly after midnight GMT. The survey balance moved further into the red in December and the trend is expected to continue this time around as well.