Events to Look Out For Next Week

Monday – 04 February 2019

  • Building Approvals (AUD, GMT 00:30) – The Australian housing sector has been facing issues in the past months, with building approvals failing by 9.1% m/m in November. Consensus forecasts for December however suggest that a comeback could have occurred and hence Building approvals are expected to rise by 1.8% .
  • Construction PMI ( GBP, GMT 09:30) – The Index is expected to have decreased to 52.4 compared to 52.8 last month.

Tuesday – 05 February 2019

  • Interest Rate Decision (AUD, GMT 03:30) No surprises are expected in the RBA’s interest rate decision, while its statement should provide important insights regarding the future of the Australian economy.
  • Service PMI (EUR and GBP, GMT 09:00) – The UK Service PMI is expected to come out at 50.8, registering a slight decline from last month’s 51.2 number. The Euro Area PMI is expected to remain at the same levels as last month, at 50.8.
  • ISM Non-Manufacturing PMI (USD, GMT 15:00) – The ISM non-Manufacturing PMI in the US is expected to slip to 57.5 in January, compared to 58.0 in December, supporting the strong economic climate despite the small decrease in its value.

Wednesday – 06 February 2019

  • President Trump State of the Union address (USD, GMT N/A)- The US President will conduct his annual speech to a joint session of Congress, which usually includes a budget message and an economic report of the nation.
  • Labor data (NZD, GMT 21:45) – In Q3, the employment gain was well in excess of projections, while the drop in the jobless rate was contrary to projections for a tick higher. The last quarter of 2018 is expected to show employment growing at 0.5%q/q, after a 1.1% gain in Q3. The unemployment rate should rise to 4.5% from 3.9%.

Thursday – 07 February 2019

  • Interest Rate Decision (GBP, GMT 12:00) – BoE is expected to remain on hold now until after the Brexit D-Day on 29th March 2019, pencilling in another 25 bp hike in May 2019. Thus, consensus forecasts also suggest an unchanged 9-0 MPC voting.

Friday – 08 February 2019

  • Unemployment Rate (CAD, GMT 13:30) – Employment in Canada has expanded since September and the jobless rate was at 43-year low in November and December, consistent with a strong employment backdrop through year end. The Canadian unemployment rate is expected to have remained stable at 5.6% in January.

*Delayed data from the US Government shutdown is tentatively scheduled for next week.

Click here to access the Economic Calendar

Andria Pichidi

Market Analyst

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