Today's economic calendar is relatively light, with a focus on the European and American sessions. Here's a breakdown of the key events and speakers to watch out for:
European Session
The European Central Bank (ECB) speakers are expected to dominate the session, as is typical after a policy meeting. However, they are unlikely to offer any new insights, sticking to their neutral stance. The market's attention will likely remain on the ECB's speakers, who may provide some insights into the bank's future monetary policy decisions.
American Session
The American session brings two key releases: the Canadian jobs report and the US University of Michigan Consumer Sentiment survey.
Canadian Jobs Report: The report is anticipated to show a slight decrease in job growth, with an estimated 5,000 jobs added in January, down from 8,200 in December. The unemployment rate is expected to remain stable at 6.8%. The Bank of Canada's recent shift to a neutral stance and Governor Macklem's comments about unemployment suggest that the data may not significantly impact market expectations of a 3 basis point tightening by year-end.
University of Michigan Consumer Sentiment: This indicator is expected to show a slight decline, with a reading of 55.0, down from 56.4 previously. Consumer sentiment improved in December and January due to easing inflation expectations, but it may not significantly affect market pricing unless there are substantial deviations from the expected figures.
Central Bank Speakers
Keep an eye on these speakers and their potential impact on market sentiment:
- 09:00 GMT/04:00 ET: ECB's Kocher (neutral - voter)
- 11:00 GMT/06:00 ET: BoE's Pill (hawkish - voter)
- 17:00 GMT/12:00 ET: Fed's Jefferson (neutral - voter)
Remember, these speakers' comments can influence market sentiment and potentially impact currency pairs. Stay tuned for any surprises or new insights they might bring!
